On April 23, the United Hong Kong Fund released the "Hong Kong Housing Trends Navigator 2026" report, which indicated that the private residential market in Hong Kong is showing signs of recovery with both prices and sales volumes increasing. The number of units sold for less than HK$4 million rose by nearly 30% compared to the previous year. In terms of public housing, over 230,000 units will reach 50 years old in the next 10 years, prompting the foundation to suggest early redevelopment and propose the establishment of relocation reserves among other measures. The Vice President of the United Hong Kong Fund and Executive Director of the Public Policy Research Institute, Yip Man-ki, pointed out that in 2025, prices of units below 40 square meters in the private residential market rose by 4.1%, and the volume of units sold for less than HK$4 million increased by 29.4% year-on-year. This reflects the lowering of stamp duty thresholds and the effective release of pent-up demand following the overall relaxation of cooling measures. Additionally, with completion rates slowing down and transaction volumes increasing, the net absorption rate turned positive for the first time since 2021, meaning that the number of residential transactions exceeded the number of completions last year. Data shows that the completion rate of private residential properties in Hong Kong has fluctuated in recent years, with 18,448 units completed in 2025, which is relatively low. The annual average completion rate of private residential properties is expected to be 17,100 units from 2026 to 2030, with a decrease to around 16,700 units in 2026 and further drops to around 15,400 units in 2027. However, with stabilized new construction activities and "mature land" supply, the completion rate is expected to rise from 2028 to 2030. In terms of demand, the population of Hong Kong has shown a strong "V-shaped" rebound in recent years. While local natural growth factors such as birth rates have slowed down, mainland buyers have become increasingly active in the Hong Kong property market. In addition, a large number of talents and students from outside Hong Kong have entered the market, injecting new dynamics and driving rental rates to record highs, gradually transitioning the market demand from renting to buying. Yip Man-ki added that the overall Hong Kong property market is showing signs of stability and improvement, noting that a rapid increase in property prices may not necessarily be welcomed by society. He recommended that the Hong Kong government closely monitor the "months of supply in inventory" indicator to grasp the supply-demand balance in the property market and adjust land supply accordingly. The Assistant Research Director and Land and Housing Research Manager of the United Hong Kong Fund, Leung Yueh-ho, stated that Hong Kong's public housing supply is entering a "harvesting period", presenting opportunities for the redevelopment of aging housing estates. With a significant improvement in the annual completion rate of traditional public housing expected in the next 5 and 10 years, reaching 35,000 and 45,000 units respectively, surpassing the target of 29,400 units per year set in the "Long Term Housing Strategy", with nearly half of the units coming from the northern urban area. The report indicated that there are currently around 41,000 units planned or underway for public housing redevelopment projects, far exceeding the cumulative completion rate of about 17,000 units over the past 10 years. However, in the next 10 years, over 230,000 public housing units will reach the 50-year mark, leading to increased maintenance costs. Leung Yueh-ho emphasized the importance of early redevelopment to lock in lower costs and ease long-term financial burdens.