Under the influence of the fifth wave of the new crown pneumonia epidemic, the property market continued to slump. The latest Centaline City Leading Index CCL reported 179.87 points, although it rose 0.43% on a week-on-week basis, but Huang Liangsheng, senior co-director of Centaline Property Research, pointed out that the rise in property prices this week was mainly driven by the weekly rebound in property prices in the New Territories West, with little follow-up. The downward direction of property prices has not changed. In the short term, it will test a low of 176 points and "confiscate" the annual increase in 2021.
Kowloon Index hits 54-week low
Among other overall indices, the Central Plains City Large Housing Estate Leading Index (CCL Mass) reported 181.2 points, up 0.37% week-on-week. CCL (small and medium-sized units) was at 179.35 points, up 0.34%. CCL (large units) was at 182.56 points, up 0.89%. Regionally, the New Territories West Property Price Index rose 2.07% to 169.92 points, the largest increase in 24 weeks. As for the Kowloon Index, it reported 174.26 points, a 54-week low, down 0.34%. The New Territories East Index reported 192.54 points, a 46-week low, down 0.72%. Hong Kong Island closed at 183.1 points, up 0.43% on a weekly basis.
Huang Liangsheng pointed out that it is worth noting that the latest CCL calculation is based on the transaction of the Centaline Group that signed a formal sales contract from February 28 to March 6, and more than 70% of the transactions were signed from February 14 to 20. On the 5th, the market situation in the sixth week after the government announced the tightening of anti-epidemic measures, according to the recent trend of the property market, CCL is expected to continue to decline.
