The latest CVI reading stands at 87.94 points this week, down 4.19 points from the previous week's 92.13 points. Although the index declined after a sharp rise of 10.49 points last week, it remains the second-highest level recorded in the past three years. The property market continues to show strong momentum, with several major new development projects launching successfully and secondary market transactions remaining active. The CVI has now stayed above the 80-point threshold for 11 consecutive weeks and has remained in the optimistic zone above 60 points for 29 straight weeks. This indicates that banks maintain confidence in the property market, with valuation attitudes staying positive, suggesting that the upward trend in property prices is expected to continue. Some major local banks have increased mortgage cash rebates to compete for home loan business, reflecting an active mortgage stance. It is anticipated that the CVI will remain above 80 points throughout the second quarter.
In January 2025, with the formal inauguration of U.S. President Donald Trump and escalating trade tensions, coupled with the Federal Reserve slowing the pace of interest rate cuts, the global economic and political environment faced new challenges. By the end of January, the CVI ended a 13-week period of fluctuation around the 50-point neutral line. In February, it sharply fell to around 40 points, near the lower boundary of the neutral range. During this period, property prices failed to achieve further upward breakthroughs, with the CCL index fluctuating between 136 and 137 points. In early April, as trade tensions intensified, the CVI dropped again below 40 points into pessimistic territory, hovering below this level for five weeks. Property prices also experienced a narrow decline during this time.
By early May, interbank rates fell sharply and remained low, leading to an eight-week consecutive rise in the CVI. From late July to mid-September, the index stabilized above 60 points for eight straight weeks, accompanied by a slight increase in property prices. Following the resumption of interest rate cuts in September, the CVI rose for seven consecutive weeks, breaking through and stabilizing above the 80-point level, with property prices steadily climbing. The latest CCL reading is 153.67 points, representing a 13.69% increase from the low of 135.16 points recorded in May 2025, when HIBOR-based mortgage rates fell below the cap rate. Since the relaxation of stamp duty in the fiscal budget, the index has risen by 13.92%, and it has increased by 13.11% compared to the pre-rate-cut cycle low of 135.86 points. So far in 2026, the cumulative increase stands at 6.63%.
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