2023/2024 Guide for Hong Kong's Home Ownership Scheme

Hong Kong housing authority’s Home Ownership Scheme (HOS), a vital pathway for local residents to achieve their dream of owning a home, offers units at a discounted price of 38% off, accepting applications since July 2023. With the launch of the 2023 scheme, nearly 9,154 new units are available for selection by both Green Form and White Form applicants.

2023 HOS Estates List and Features

This year's plan covers multiple HOS projects located in various districts of Hong Kong, including Kai Tak's Kai Yue Court, Kwun Tong District's On Lai Court, On Wah Court, On Ying Court, Tuen Mun's Siu Tsui Court, and Yuen Long's Long Tin Court. These projects offer not only prime locations but also a variety of unit types and facilities to meet the needs of different families.

• Kai Yue Court: Located in Kai Tak, offering 2,046 units near the MTR with waterfront views.
• On Lai Court, On Wah Court, On Ying Court: Three new projects in Kwun Tong District, offering quality views and air, but require bus or minibus connections to MTR stations.
• Siu Tsui Court: In Tuen Mun, close to the newly built Tuen Mun South Extension new station, offering 518 units.
• Long Tin Court: Located in Yuen Long, offering 3,080 units, it is the most affordable choice in this phase.

Hong Kong Home Ownership Scheme Application Criteria

Basic eligibility for the HOS includes being a permanent resident of Hong Kong, at least 18 years old, and meeting specific income and asset limits. These criteria ensure the scheme benefits citizens genuinely in need. Additionally, one must consider Green Form, White Form, family size, and income in the application process.

Targets public housing residents or those with a valid Green Form Certificate, providing existing public housing residents with a priority application opportunity.

For non-public housing residents meeting income and asset criteria, requiring the applicant to have lived in Hong Kong for a minimum of seven years, thus being a permanent resident.

• The income limit for families of two or more applications: a total family income of HK$62,000 and total assets not exceeding HK$1.47 million.
• The income limit for single-person family applications: Require a total family income of HK$31,000 and total assets not exceeding HK$735,000.

Latest News on Hong Kong Home Ownership Scheme

Can single individuals apply for larger units? When will 2023 HOS applicants start selecting flats? What are the latest HOS housing prices? Quickly addressing your queries.

Can Single Applicants Apply for Large Units in the HOS?

While policy allows single individuals to apply for larger units, the actual chance of success is relatively small due to quota and unit size restrictions. Applicants need to consider their actual needs and eligibility criteria.

2023 HOS Applicants Begin Selecting Flats in January 2024

The Hong Kong Housing Authority released the latest HOS sales brochure and price list on January 24, 2024, with the first batch of buyers able to start selecting flats from January 31, 2024.

Hong Kong HOS 2023 Prices

The Housing Department publishes monthly transaction data for the secondary HOS market, providing potential buyers with important market trend references. According to data from January 2024, there were a total of 97 transactions in December 2023, a decrease of 93 from the 190 in November, a monthly drop of 18.9%.

Checking the 2023 HOS Application Status

Applicants can check their specific application status for "Sale of Home Ownership Scheme Flats 2023" on the official website of the Hong Kong Housing Authority. The process is straightforward, requiring only the applicant's Hong Kong ID number.

Restrictions on Renting and Selling HOS Units

There are certain restrictions on the buying and selling of HOS units to ensure the scheme allows local low to middle-income families to afford housing. HOS owners cannot sell their units to non-HOS applicants without approval from the Housing Authority. Additionally, HOS units cannot be resold within a specific period (usually 5 years). Even after the resale period, HOS owners must pay a certain percentage of the premium to the government when selling or renting out their units. For details, refer to: "How to Legally Rent Out Hong Kong's HOS Flats?"

LetsGetHome: Keeping Up with Hong Kong's Real Estate Dynamics

In Hong Kong, where real estate is incredibly valuable and hard to get into, any news is crucial for homeowners and tenants. LetsGetHome is dedicated to providing real-time, accurate news on Hong Kong real estate, with a special focus on the rental market, aiming to offer more personalized and cost-effective rental solutions for Hong Kong’s homeowners and tenants.