Centaline Property's Senior Co-Director of Research, Yang Mingyi, pointed out that the latest Centaline City Leading Index (CCL) stands at 145.67 points, rising 1.08% week-on-week. This marks the second consecutive week of increases, with a cumulative gain of 1.47%, pushing the index to its highest level in 86 weeks (over a year and a half) since mid-May 2024. With Hong Kong's best lending rates at historical lows and interest rates having peaked, the property market sentiment is warming, which is conducive to steady price increases. The CCL continues its upward trajectory, challenging the target of 147 points (the peak level following the cooling measures withdrawal in 2024), requiring only a further increase of 1.33 points or 0.91% to achieve it.
The turnaround in Hong Kong property prices became evident in May 2025 as HIBOR declined, marking a clear bottoming-out and recovery. Stimulated further by two rounds of interest rate cuts from local banks last year, the CCL has accumulated a 7.78% increase from the low of 135.16 points recorded in May of last year, when HIBOR-based mortgage rates fell below the cap again. This growth has just surpassed the 7.69% increase seen after the border reopening in 2023, representing the highest rebound among the five upticks over the past three years (the other three rebounds were a 2.84% rise after the initial cooling measures withdrawal in early 2024, a 2.50% increase following three rate cuts in 2024, and a 1.49% rise after the budget in early 2025).
Furthermore, the latest CCL is 7.99% higher than the low of 134.89 points before the March 2025 budget and 7.22% above the low of 135.86 points before the first rate cut in September 2024. However, it remains 23.87% below the historical peak of 191.34 points reached in August 2021. The Centaline City Large Housing Estate Leading Index (CCL Mass) reached 147.12 points, climbing 1.34% week-on-week. The CCL (Small and Medium-sized Units) rose to 145.98 points, increasing by 1.29% for the week.
Both the CCL Mass and CCL (Small and Medium-sized Units) have risen for two consecutive weeks, accumulating gains of 1.60% and 1.70% respectively, each hitting a new high in 92 weeks (over a year and a half) since the end of March 2024. The CCL (Large Units) registered 144.05 points, edging down slightly by 0.03% for the week, yet the index remains the fifth highest in 74 weeks since early August 2024. Property prices increased across all four regions.
The Kowloon CCL_Mass reached 147.33 points, surging 1.80% week-on-week. This marks the second straight week of gains, with a cumulative increase of 2.57%, pushing the index to its highest level in 112 weeks (over two years) since mid-November 2023. The New Territories West CCL_Mass stood at 134.23 points, rising 1.13% for the week, ending a two-week declining streak, with the index reaching the second-highest level in 82 weeks (over a year and a half) since early June 2024.
The Hong Kong Island CCL_Mass was at 141.72 points, increasing by 1.11% week-on-week. This represents the second consecutive week of growth, with a cumulative rise of 1.66%, placing the index at the seventh-highest level in 80 weeks since the end of June 2024. The New Territories East CCL_Mass reached 160.19 points, climbing 0.99% for the week, achieving a new high in 103 weeks (nearly two years) since mid-January 2024.
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