Hong Kong's new private home completions will remain at the 20,000-level this year while declining gradually in the future, due to the slowing down of developers' construction progress as well as the government’s reducing land sales, says Centaline founder Shih Wing-ching.

Shih also expects developers to continue to reduce property prices to boost sales.

Data from the Rating and Valuation Department earlier showed that Hong Kong's new private home completions surged 75 percent to 24,261 units last year, the highest in two decades.

This amounts to around 2,000 units, or 9 percent more than the government's previous projection for the year, and the highest annual figure since 2004 when new home completions reached 26,036 units.