Hong Kong secondary home prices drop for fourth consecutive week to near five-month low
Hong Kong's secondary home prices fell for the fourth straight week, with the Centaline City Leading Index dropping 0.17 per cent to 159.11, a near five-month low. Island district prices fell over 2.5 per cent weekly, while New Territories East rose over 1.6 per cent.
Hong Kong's secondary home prices have fallen for the fourth consecutive week, a decline not seen in over two years, according to the latest Centaline City Leading Index (CCL). The index dropped 0.17 per cent week on week to 159.11 points, marking a near five-month low.
Prices for large estates and small-to-medium-sized units fell by more than 0.1 per cent and nearly 0.2 per cent respectively, while large-unit prices remained largely unchanged.
Regional performance varied significantly. Island district prices fell over 2.5 per cent week on week and nearly 5 per cent over the past four weeks, reaching a near seven-month low. In contrast, New Territories East prices rose over 1.6 per cent, hitting a more than two-month high. Kowloon and New Territories West saw slight increases of about 0.1 per cent and 0.6 per cent, respectively.
Since the start of this year, the CCL has accumulated a gain of 10.41 per cent, with the Island district and New Territories East both rising nearly 12 per cent.
Centaline Property attributed the pressure on the secondary market to persistent low-price promotions by new developments, expectations of possible interest rate hikes within the year, and financial market volatility.