Midland Realty: CCL fell for two consecutive weeks, totaling 0.7%, expected that Hong Kong property prices will continue to fluctuate.

Yang Mingyi, Senior Co-Director of the Research Department of CRIC, pointed out that the latest Central Plains City Leading Index (CCL) was 137.59 points, a decrease of 0.57% on a weekly basis. This reflects the market conditions during the week of the first round of sales for 101 Kings Road in North Point and Grand Waterford II in Yuen Long on November 23. Due to the launch of new properties and slowing sales, uncertainties in US-China relations, stock market fluctuations, and other factors, the secondary housing market in Hong Kong was quiet, with a tug-of-war situation remaining unchanged. The CCL has fallen for two consecutive weeks, totaling 0.70%. Hong Kong property prices continued to fluctuate, and the CCL is expected to remain between 136 and 140 points, with no upward momentum in the short term. The CCL has remained unchanged at a low level for over 8 years, hovering around the level it was at in September 2016, with a temporary cumulative decline in property prices of 6.53% by 2024. Compared to the low point of 135.86 points before the first rate cut in September 2016, the index has increased by 1.27%. However, it has decreased by 28.09% from the historical high point of 191.34 points in August 2021, and by 3.80% from the low point of 143.02 points before the cooling measures were withdrawn in March 2024. The Central Political Bureau meeting on December 9 and 12, as well as the Central Economic Work Conference, emphasized the need to stabilize the property and stock markets and implement a series of economic stimulus policies. The impact of these policies on local second-hand property prices in Hong Kong will be reflected in the CCL to be published in early January 2025. The Central Plains City Leading Index (CCL) Mass was 137.85 points, a decrease of 0.58% on a weekly basis, while the CCL (small and medium-sized units) was 136.63 points, a decrease of 0.59%, and the CCL (large units) was 142.31 points, a decrease of 0.49%. All three indexes have fallen for two weeks in a row, with cumulative declines of 0.80%, 0.74%, and 0.52% respectively, reaching levels from late August to late September 2016. Among the four regions, three saw declines while one saw an increase in property prices. The CCL Mass for Hong Kong Island was 137.61 points, a decrease of 1.55% on a weekly basis, ending a two-week consecutive increase. The CCL Mass for the Western New Territories was 128.37 points, a decrease of 0.82% on a weekly basis, returning soft after five consecutive weeks of gains. The CCL Mass for Kowloon was 132.55 points, a decrease of 0.18% on a weekly basis, with a total decline of 2.75% over six weeks. The CCL Mass for the Eastern New Territories was 150.77 points, an increase of 0.31%. The indexes for Hong Kong Island and Kowloon have been hovering around levels from mid-June to late August 2016, while those for the Eastern and Western New Territories have been hovering around levels from mid-December 2016. In 2024, the eight major property price indexes all experienced declines, with CCL (large units) falling by 7.16%, the Western New Territories falling by 6.98%, CCL falling by 6.53%, the Eastern New Territories accumulating a decline of 6.53%, Kowloon falling by 6.51%, CCL Mass falling by 6.42%, CCL (small and medium-sized units) falling by 6.41%, and Hong Kong Island falling by 5.53%.