Homes, sweet homes: The Rating & Valuation Department says 10,980 residential flats are due to be completed this year.

This year 10,980 residential flats are due to be completed, up from last year's 10,470 units, according to the Rating & Valuation Department's Hong Kong Property Review 2008. The figure is expected to rise to 12,670 in 2009.

Last year the take-up was 19,850 units while the vacancy dropped to 52,470 units.

Prices in the secondary market achieved notable growth in the fourth quarter last year, with the overall price index up 21% over the same period a year earlier. The rental index also rose 15%.

Office completion

Overall private-office completions last year totalled 320,000 square metres, almost three times 2006's number. The department expected office completions this year to hit 342,200 square metres, but to drop to 187,200 square metres next year.

Non-core districts like Kwun Tong, Yau Ma Tei and Eastern District will contribute the bulk of Grade A office completions in the years to come. Prices for offices in last year's fourth quarter rose 31% while rentals grew 14%.