The 2018 annual progress report of the Long Term Housing strategy revealed that the long term housing demand for the ten-year period from 2019-20 to 2028-29 was around 450,000 units. The increasing number of residential supplies results in the creation of numerous employment opportunities, including real estate services related jobs.
Of the HK$557.9 billion in total estimated government expenditure for 2018-19, some HK$85.6 billion (15.34%) was allocated for infrastructure. The infrastructure projects support the continued growth of manpower demand in the engineering, construction and surveying sectors.
The Property Management Services Ordinance (Cap.626) was enacted in 2016, and it is expected that the professional status of the property management industry will be enhanced and there will be an increase in the demand for high calibre property management practitioners.
To cope with the Smart City Blueprint for Hong Kong, real estate developers and the Urban Renewal Authority advocate the smart concept in the design, environment information, management and convenience aspects in order to create a smart living. It is expected the industry will be in demand for personnel with relevant technological skills.
The Central Government promulgated the “Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area” in February 2019. Given the promising prospect to the real estate services industry, the plan, it will underpin the development of investment property markets in the area.