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Hong Kong to Face 'Severe Housing Shortage'

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Housing Shortage  RICS  Royal Institute of Chartered Surveyors  David Tse  Hong Kong Housing Task Force 

Hong Kong to Face 'Severe Housing Shortage'

By - Tuesday 08 March 2011

New research has suggested that Hong Kong will face a severe housing shortage for the next 20 years, unless the government provides more land to build on.

According to the Royal Institute of Chartered Surveyors (RICS), the overheating of the market has made property unaffordable. Based on the housing needs of the region, the government should be providing enough land for about 22,000 per year for the next five to ten years.

However, current government policy only allows for 18,500 new units per year. As such, RICS has claimed that more land needs to be made available for construction if the shortfall is to be made up.

The firm's new report on property affordability over the next five, ten and 20 years has been submitted to the government to help finalise annual budgets.

"RICS is calling on the government to conduct regular surveys on the future aspirations of the average households on types and sizes of flats before laying down appropriate housing and land supply policies to meet the functional and future needs of Hong Kong households," said David Tse, chairman of RICS Hong Kong Housing Task Force.

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