The Centaline Property Leading Index (CCL) recently registered 153.72 points, reflecting a slight weekly increase of 0.03%. This marks the highest level in 127 weeks since mid-November 2023, capturing market conditions during the week of the Easter holiday starting April 3. Following the Federal Reserve's second decision this year to maintain interest rates unchanged, the CCL has shown a sideways trend over the past two weeks, stabilizing above the 153-point threshold for three consecutive weeks.
Strong sales of multiple new development projects have shifted market focus, while property owners have adopted a firm stance, narrowing room for price negotiations. Some have even raised asking prices or withdrawn properties from the market. Amid limited available listings, buyers have become more cautious, which may slightly slow the upward momentum in secondary market prices. However, the short-term upward trajectory for Hong Kong property prices remains intact. The index currently sits just 2.28 points, or 1.48%, below its second-quarter target of 156 points.
Since the Hong Kong Interbank Offered Rate declined in May 2025, local property prices have bottomed out and begun to recover. This trend was further supported by two rounds of interest rate cuts by local banks last year. Compared to the low of 135.16 points in May of last year—when mortgage rates again fell below the cap—the CCL has accumulated an increase of 13.73%. It has also risen 13.96% from the pre-budget low of 134.89 points in March 2025, and 13.15% from the low of 135.86 points before the first rate cut in September 2024. However, it remains 19.66% below the historical peak of 191.34 points recorded in August 2021.
The Centaline Large Housing Estate Leading Index (CCL Mass) reached 155.45 points, up 0.45% week-on-week. The CCL for small and medium-sized units rose 0.25% to 153.87 points, marking the fourth consecutive weekly increase with a cumulative gain of 1.96%. Both the CCL Mass and the CCL for small and medium-sized units hit their highest levels in 132 weeks since early October 2023. In contrast, the CCL for large units fell 1.09% to 152.95 points, declining for two consecutive weeks with a total drop of 1.39%. Despite the decline, the index remains the third highest in 116 weeks since late January 2024.
Three out of four major districts recorded price increases. The New Territories East CCL Mass rebounded strongly, rising 1.78% to 169.03 points after a nearly 2% decline the previous week, reaching the second-highest level in 127 weeks since mid-November 2023. The Hong Kong Island CCL Mass increased 0.42% to 155.56 points, hitting a new high in 127 weeks. The New Territories West CCL Mass rose 0.37% to 140.86 points, climbing for two consecutive weeks with a total gain of 0.98%, also reaching a new high in 127 weeks. The Kowloon CCL Mass dipped 0.16% to 152.47 points, softening after three weeks of increases, but still maintaining the second-highest level in 136 weeks since early September 2023.
Year-to-date in 2026, the CCL has risen by 6.67%, the CCL Mass by 7.07%, the CCL for small and medium-sized units by 6.77%, and the CCL for large units by 6.14%. By district, Hong Kong Island led with a 10.99% increase, followed by Kowloon at 5.35%, New Territories East at 6.56%, and New Territories West at 6.13%.
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