Hong Kong secondary home prices fall for third week, longest losing streak in over two years
Hong Kong's secondary home prices dropped for a third consecutive week, the longest losing streak in over two years, according to the Centaline City Leading Index (CCL). The index fell 0.33 per cent week-on-week to 159.38, with cumulative declines of 1.13 per cent. Regional performance varied.
Hong Kong's secondary home prices have fallen for three consecutive weeks, marking the longest losing streak in over two years, according to the latest data from the Centaline City Leading Index (CCL). The index, which tracks price trends in the secondary housing market, dropped 0.33 per cent week-on-week to 159.38 points, bringing total cumulative losses over the period to 1.13 per cent.
The sub-indexes for large-scale housing estates and small-to-medium-sized units both fell by about 0.3 per cent week-on-week, while large-unit properties recorded a sharper decline of 0.6 per cent. Regional performance showed notable divergence: prices in the Hong Kong Island and Kowloon areas fell 1.4 per cent and 0.54 per cent respectively, while the New Territories West and New Territories East saw increases ranging from 0.15 per cent to 0.94 per cent.
Despite the recent downturn, the CCL has risen 10.6 per cent so far this year. Centaline Property attributed the current weakness to competition from first-hand new launch projects, which are being offered at low opening prices to attract buyers. According to the agency, a standoff has developed in the secondary market, with homeowners holding firm on prices while potential buyers have adopted a wait-and-see approach. This has led to thinning transaction volumes and downward pressure on prices.
