Centaline Property's Senior Co-Director of Research, Yeung Ming-yee, pointed out that the Centa-City Leading Index (CCL) latest reading is 145.54 points, rising 0.63% week-on-week and marking the second-highest level in 88 weeks (over 1.5 years) since mid-May 2024, reflecting market conditions during the week when Sierrasea Phase 2A in Sai Sha unveiled its first price list on December 30 last year. Since December, the CCL pattern has been two weeks of increases followed by one week of decline, showing a fluctuating upward trend in property prices, which have accumulated a rise of 0.99% so far in 2026. Following the Christmas holidays, the launch of large new projects has been met with an enthusiastic market response, with several additional batches selling out on the same day. Coupled with the rapid absorption of high-quality, attractively priced secondary properties, buyers have begun accepting price increases from owners to enter the market, sustaining the upward momentum in property prices.
Recently, new project sales have been strong, and banks have actively introduced mortgage incentives, creating a vibrant property market atmosphere. Increased secondary transactions suggest that the traditional Spring Festival boom might arrive early. The CCL may potentially break through the 147-point level (the high point after the withdrawal of cooling measures in 2024) before the Lunar New Year, currently only 1.46 points or 1.00% away. With the decline in the Hong Kong Interbank Offered Rate (HIBOR) in May 2025, property prices clearly bottomed out and began to rise. Stimulated further by two interest rate cuts from local banks last year, the CCL has accumulated an increase of 7.68% from the low of 135.16 points recorded in the week of May last year when HIBOR-based mortgage rates fell below the cap again.
Furthermore, the CCL has risen 7.90% from the low of 134.89 points before the March 2025 budget, increased 7.12% from the low of 135.86 points before the first interest rate cut in September 2024, but remains 23.94% below the historical high of 191.34 points reached in August 2021. The impact of the sale of all 218 units in the third price list of Sierrasea Phase 2A on January 21, the release of the first price list for 155 units in Sierrasea Phase 2B on January 22, the sale of 2 units by tender at Mid-Levels Peak in Central, and the first-round sale of 60 units at The Coronation•Tin Hau in North Point on January 23 on local secondary property prices will only begin to be reflected in the CCL data released in mid-February 2026.
The Centa-City Leading Index for Large Estates (CCL Mass) registered 146.53 points, rising 0.62% week-on-week. The CCL for Small and Medium-sized Units reached 145.46 points, increasing 0.55% weekly. Both the CCL Mass and the CCL for Small and Medium-sized Units hit their second-highest levels in 88 weeks (over 1.5 years) since mid-May 2024. The CCL for Large Units stood at 145.91 points, climbing 1.06% week-on-week, marking a two-week consecutive increase totaling 1.29%, and reaching a new high in 83 weeks (over 1.5 years) since mid-June 2024.
Property prices across the four major districts showed a mixed performance, with three areas rising and one falling. The Hong Kong Island CCL Mass was 146.52 points, surging 2.82% weekly, the largest increase in five weeks, achieving a four-week consecutive rise totaling 5.11%, and hitting a new high in 91 weeks (nearly 2 years) since the end of April 2024. The Kowloon CCL Mass reached 145.93 points, increasing 0.73% week-on-week, marking the second-highest level in 112 weeks (over 2 years) since the end of November 2023. The New Territories East CCL Mass was 155.53 points, rising 0.62% weekly, rebounding after a sharp drop of over 3% the previous week. The New Territories West CCL Mass registered 132.27 points, falling 1.77% week-on-week, the largest decline in seven weeks, ending a two-week rising streak, yet still ranking as the 7th highest level in 82 weeks (over 1.5 years) since the end of June 2024.
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