Page 20 - ENGLISH_Land
P. 20
Household formation is an important factor for housing demand.
Data analysis over the past 30 years suggests that the underlying forces
for household formation has been fairly strong recently. For example, from
2011 to 2015, the combined average annual number of first marriages, live
births (only refers to babies whose both parents are permanent Hong Kong
residents), and divorces is even higher than the corresponding figure for
the period 1986 to 1995 (Figure 9). These three factors are conceivably the
most important drivers for family formation. In other words, the underlying
demographic-driven housing demand in recent years should have been
substantial. However, comparing the two periods in question, overall
housing completions plummeted by some 60% (Figure 10).
Figure 9. Selected demographic events
Notes : (*) First marriages only.
(#) Refer only to babies whose both parents are permanent Hong Kong residents.
Source: Census and Statistics Department.
Figure 10. Supply of new housing units by type
Source: Census and Statistics Department.
78
