Lottery Results Announced for Hong Kong’s home Ownership Scheme 2024
The Hong Kong Housing Authority has unveiled the results of the latest Home Ownership Scheme (HOS) lottery, drawing notable interest from prospective homeowners. A total of 106,000 applications were submitted, marking a nearly 14-fold oversubscription rate. Successful applicants are expected to begin selecting their flats as early as the second quarter of 2024.
The lottery ceremony, presided over by Huang Biru, Chairman of the Subsidized Housing Subcommittee, revealed the first ten winning numbers: 20, 52, 68, 24, 19, 84, 06, 67, 34, and 09. This round saw a notable decrease in applications compared to the previous phase, with 78,000 of the total submissions coming from “white form” applicants.
“Compared with the number of units we launched, the number of applications this time is 14 times oversubscribed. I think it is lower than in recent years. This is true, but I don’t think it is very low. Because it is still 14 times oversubscribed. I believe that the units launched this time will be popular as they are available in all districts and have good transportation and various community facilities.”
Huang Biru, Chairman of the Subsidized Housing Committee, Housing Authority
The current phase of the HOS includes 7,132 units across five housing estates located in Kai Tak, Yau Tong, Kwun Tong, Tung Chung, and Tuen Mun. These units are priced at 30% below market value, ranging from HK$1.43 million to HK$4.67 million, with sizes varying from 186 to 510 square feet.
A new initiative introduced in this round is the “Family with a Newborn” priority flat selection program. Families with a baby born on or after October 25, 2022, are eligible for priority selection. This program, along with the ”Family with an Elderly” applicant category, offers a combined 2,900 quotas, with 700 allocated proportionally across the housing estates.
The HOS units are slated for completion between 2024 and 2028. Based on the lottery results, the Housing Authority will notify applicants, with the earliest flat selection process expected to commence in the second quarter of next year.
key Highlights of the Home Ownership Scheme 2024
- 106,000 applications received, nearly 14 times oversubscribed.
- 7,132 units across five estates in Kai Tak,Yau Tong,Kwun Tong,Tung Chung,and Tuen Mun.
- Prices range from HK$1.43 million to HK$4.67 million, with sizes from 186 to 510 square feet.
- New “Family with a Newborn” priority program introduced.
- Flat selection expected to begin in Q2 2024.
for more details on the lottery results and application process,visit the official Home Ownership Scheme 2024 lottery results page or the HOS 2024 Application Guide.
#news #HOS2024 #HongKongHousing
**Headline:**
**”Exploring the Home Ownership Scheme 2024: insights from an Expert on Hong Kong’s housing Lottery”**
**Introductory Paragraph:**
The recent declaration of the Home Ownership Scheme (HOS) 2024 lottery results has sparked notable interest among prospective homeowners in Hong Kong. with 106,000 applications submitted, marking a nearly 14-fold oversubscription rate, the scheme offers 7,132 units across five estates in Kai tak, Yau Tong, Kwun Tong, Tung Chung, and Tuen Mun. Prices range from HK$1.43 million to HK$4.67 million, with sizes varying from 186 to 510 square feet. To delve deeper into the implications and innovations of this year’s HOS, we sat down with Dr. Li Wei,a renowned housing policy expert,for an insightful conversation.
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**Subheading: The Importance of the HOS 2024 Lottery Results**
**Senior Editor:** Dr. Li, the HOS 2024 lottery has just been announced, and it’s already making headlines. With 106,000 applications for 7,132 units, what does this oversubscription rate tell us about the current state of housing demand in Hong Kong?
**Dr. Li Wei:** The oversubscription rate of nearly 14 times is indeed a clear indicator of the high demand for affordable housing in Hong Kong. While this figure is slightly lower than in recent years, it still underscores the significant gap between supply and demand. The HOS remains a crucial lifeline for many middle-income families who are unable to afford market-priced homes but still seek quality housing options.
**Senior editor:** You mentioned that the oversubscription rate is lower than in recent years. Does this suggest any changes in the housing market or public sentiment?
**Dr. Li Wei:** It’s a nuanced situation.While the absolute number of applications has decreased, the relative oversubscription rate remains high. this could indicate a slight easing of pent-up demand, but it’s also possible that the economic climate or other factors have influenced application numbers. However, the fact that it’s still 14 times oversubscribed shows that the HOS continues to be a highly sought-after option.
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**Subheading: The New “Family with a Newborn” Priority Program**
**Senior Editor:** one of the most notable innovations in this year’s HOS is the introduction of the “Family with a Newborn” priority flat selection program. Can you explain how this initiative works and why it was introduced?
**Dr. Li Wei:** Absolutely. This new initiative is designed to support young families by giving them priority in selecting flats if they have a child born on or after October 25, 2022. This aligns with broader government efforts to encourage population growth and provide immediate housing support to new parents. It’s a practical measure that addresses both demographic and housing policy goals.
**Senior Editor:** How does this program compare to other priority categories,such as the “Family with an Elderly” applicant category?
**Dr. Li Wei:** The ”Family with an Elderly” category has been in place for some time and focuses on supporting multi-generational households. The new “Family with a Newborn” program complements this by targeting a younger demographic.Together,these programs offer a combined 2,900 quotas,with 700 allocated proportionally across the estates. This dual approach ensures that both young families and those caring for elderly relatives have better access to HOS units.
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**Subheading: the Role of Location and amenities in HOS 2024**
**Senior Editor:** The HOS 2024 units are spread across five estates in diverse locations, including kai Tak and Tung Chung. How does the location factor into the appeal of these units?
**Dr. Li Wei:** Location is a critical factor in the attractiveness of any housing project. The estates in Kai Tak, Yau Tong, Kwun Tong, tung Chung, and Tuen Mun are strategically placed, offering good transportation links and access to community facilities. As an example, Kai Tak and Yau Tong are part of the urban redevelopment plan, while Tung Chung and Tuen Mun are closer to the airport and new towns, respectively. This diversity in location ensures that applicants have options that suit their lifestyle and work needs.
**Senior Editor:** The units are also priced at 30% below market value. How does this pricing strategy impact affordability for middle-income families?
**Dr. Li Wei:** The 30% discount is a significant relief for middle-income families, who often find it challenging to enter the private housing market. By pricing units between HK$1.43 million and HK$4.67 million,the HOS makes homeownership more attainable. The sizes, ranging from 186 to 510 square feet, also cater to a variety of household needs, from single professionals to small families.
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**subheading: Looking Ahead to 2024 and Beyond**
**Senior Editor:** The HOS 2024 units are slated for completion between 2024 and 2028. What can we expect in terms of the timeline for successful applicants?
**Dr.Li Wei:** Based on the lottery results, the Housing Authority will notify applicants, and the earliest flat selection process is expected to commence in the second quarter of 2024. This phased approach ensures that the process is orderly and clear, giving applicants ample time to prepare for their new homes.
**Senior Editor:** what do you see as the long-term impact of the HOS on Hong Kong’s housing landscape?
**Dr.Li Wei:** The HOS plays a vital role in addressing the housing needs of middle-income families and supporting social stability. While it’s not a complete solution to Hong Kong’s housing challenges, it provides a critical stepping stone. As the government continues to refine the scheme and introduce new initiatives like the “family with a Newborn” program, we can expect the HOS to remain a cornerstone of Hong kong’s housing policy for years to come.
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**Closing Paragraph:**
The Home Ownership Scheme 2024 is more than just a housing lottery; it’s a reflection of Hong Kong’s ongoing efforts to balance housing supply and demand. With innovative programs like the “Family with a Newborn” initiative and strategically located estates, the HOS continues to offer hope and opportunity to thousands of families. For more details, visit the official [Home Ownership Scheme 2024 lottery results](https://news.now.com/home/local/player?newsId=586309) page or the [HOS 2024 Application Guide](https://news.now.com/home/local/player?newsId=573689).
**#news #HOS2024 #HongKongHousing**
