Hong Kong's new private home completions surged 75 percent to the highest in 20 years at 24,261 units last year, according to the data from the Rating and Valuation Department.

That is about 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.

The number of new homes completed in December alone also jumped by nearly 40 percent month-on-month to 5,584 units.

The department also said that the rental return of flats sized below 40 square meters rose by 0.5 percentage points last year to 3.7 percent, the highest since January 2012.