The Centaline Property Leading Index (CCL) edged up by 0.01% week-on-week to reach 149.41 points. This slight increase follows a stable reading during the previous week's Lunar New Year holiday. The latest data reflects market conditions during the week when the Hang Seng Index fell below the 27,000-point mark on February 2, the tender deadline for the Choi Ha Road residential site in Ngau Tau Kok on February 6, and the complete sell-out of 218 units in the third round of price lists for Phase 2B of SIERRA SEA in Sai Kung on February 7.

Excluding the holiday pause, the CCL has now risen for five consecutive weeks, accumulating a total gain of 3.3%. This marks the first such sustained increase since late May 2021, indicating an early onset of the seasonal peak property market period this year and a continuation of rising home prices in Hong Kong.

Post-holiday market sentiment remains buoyant, with active secondary transactions and multiple new projects preparing for launch. Some remaining units have also seen price increases, suggesting further upward momentum for Hong Kong property prices.

The CCL is gradually approaching its target level of 156 points, which represents the pre-border-reopening low in 2023. The current index is 6.59 points, or 4.41%, below this target.

Since Hong Kong interbank rates began declining in May 2025, local property prices have bottomed out and started to recover. Combined with two rounds of interest rate cuts by local banks last year, the CCL has risen by 10.54% from the low of 135.16 points recorded in May 2025, when HIBOR-based mortgage rates once again fell below the cap.

Compared to the pre-Budget low of 134.89 points in March 2025, the CCL has increased by 10.76%. It is also up 9.97% from the low of 135.86 points before the first interest rate cut in September 2024, though it remains 21.91% below the historical peak of 191.34 points reached in August 2021.

The impact of the February 25 Budget measure, which raised stamp duty on residential properties valued over HK$100 million, will only begin to be reflected in the CCL data released in late March 2026.

So far in 2026, the CCL has accumulated a gain of 3.68%. The CCL Mass has risen by 3.77%, the CCL for small and medium-sized units by 3.62%, and the CCL for large units by 3.91%. By region, Hong Kong Island has seen an increase of 7.55%, Kowloon 4.46%, the New Territories East 0.50%, and the New Territories West 1.42%.