Hong Kong’s residential property market is extending a steady recovery, with key price gauges approaching levels last seen nearly three years ago, even as analysts warn momentum is likely to moderate in the coming quarter. The Centaline City Leading Index (CCL), which tracks secondary private home prices, rose for a fourth straight week to 159.94, up 0.57% on the week and 1.58% over the past month, marking its highest reading since around September 2023. The index has gained about 10.98% so far this year, underscoring a strong rebound in the second-hand segment.

Market data suggest the upswing is broad-based across different flat sizes, with larger units showing particular strength recently. Sub-indices for large housing estates and small-to-medium units advanced 0.61% and 0.43% respectively over the week, each climbing for a second consecutive week to near three-year highs. Prices of large units rose 1.25% in the latest week, extending a three-week gain of 3.01% to reach a two-and-a-half-year high. Regionally, Kowloon led with a 1.31% weekly rise to a near three-year high, while Hong Kong Island added 1.12% over the week and 2.34% across two weeks. New Territories East and West slipped 0.38% and 0.24%, ending their recent upward runs.

The official Rating and Valuation Department’s private home price index paints a similar picture of sustained recovery over a longer horizon. The index climbed 1.42% in the latest month to 321.9, its 12th consecutive monthly gain and a 12.36% increase from a year earlier. For the first five months of the year, official prices are up 7.44%. Still, both the CCL and the official gauge remain below their 2021 peaks: the CCL is about 16.41% under its August 2021 record of 191.34, while the government index is roughly 19.14% shy of its September 2021 high of 398.1, highlighting the distance yet to recover from the last cycle’s top.

Smaller units continue to outperform. Prices for A, B and C category flats — those up to 1,076 square feet — advanced 1.47% month on month and 12.57% year on year to 324.2 on the official scale, the highest level in about 32 months. Larger D and E category units of 1,076 square feet or more also rose, but at a slower clip, with their index up 1.17% on the month and 8.99% on the year to a roughly 31‑month high of 284.9. In the secondary market, sentiment is being reinforced by record-setting deals: at Yuet, a redevelopment project in Cheung Sha Wan near the MTR station, a one‑bedroom flat recently changed hands for HK$6.088 million, or HK$17,394 per square foot on a usable basis, the highest price per square foot recorded in the estate’s second-hand market. The seller, who bought in the first launch about two years ago, booked a paper gain of more than HK$870,000, illustrating improving prospects for recent purchasers.

That momentum, however, is colliding with a more uncertain macro backdrop and shifting financial conditions. Since late May, tightened action by mainland regulators against illegal cross-border investment has weighed on Hong Kong equities, with continued stock market weakness and slower first-hand project sales feeding into more protracted bargaining in the secondary segment. Concerns that the US may raise interest rates again have also contributed to a more cautious tone among buyers. Centaline analysts expect the pace of home-price gains to slow from the latter part of the third quarter, as the earlier surge gives way to more selective demand.

Financing dynamics are another source of restraint. According to industry commentary, an easing of tensions in the Middle East has coincided with capital outflows from Hong Kong, pushing interbank rates higher and reducing the scope for further cuts in mortgage costs in the near term. With prices having already rebounded, rental yields have edged lower, prompting some potential investors to reconsider the timing of their purchases. Even so, the leasing market remains firm: the official rental index reached 204.1 in the latest month, up 0.34% and notching its seventh straight advance to a record high, 5.1% above a year earlier and about 1.8% higher over the first five months of the year.

For now, the data point to a housing market that has clearly emerged from its recent trough but is still some distance from its historic highs, with gains increasingly vulnerable to shifts in global interest-rate expectations and equity-market sentiment. Developers face the added challenge of new supply from large-scale projects in coming years, which could divert some demand away from the secondary sector. With both price and rent indices on multi‑month winning streaks, the balance between affordability, financing costs and investment returns is likely to determine how durable Hong Kong’s latest property upswing proves to be.

En choisissant Saint-Raphaël (Var) pour lancer sa campagne présidentielle, David Lisnard a donné le ton d’une candidature construite contre ce qu’il décrit comme la continuité du pouvoir actuel. Devant près de 1.500 personnes selon les organisateurs, le maire de Cannes et président de l’Association des maires de France (AMF) a pris pour cibles les figures pressenties du camp macroniste pour 2027, notamment l’ancien Premier ministre Édouard Philippe et l’ex-chef du gouvernement Gabriel Attal. « Pourquoi vouloir à nouveau tenter de nous dire que le seul choix rationnel et raisonnable en 2027 serait de reconduire ceux qui ont gouverné et échoué ? », a-t-il lancé.

Candidat libéral, David Lisnard a rompu au printemps avec Les Républicains pour se présenter en solo à la présidentielle. Cette prise de distance s’est doublée d’une attaque frontale contre ce qu’il appelle « un petit monde parisien » qu’il dit avoir « découvert » via ses fonctions à la tête de l’AMF. Il décrit un milieu qui « fréquente les mêmes cercles, les mêmes lieux de pouvoir » et partage « les mêmes habitudes et les mêmes réflexes ». Selon lui, le pouvoir resterait ainsi concentré entre les mains d’une même élite politique et administrative.

Le maire de Cannes va plus loin en qualifiant cette élite de « caste » qui « confond sa survie avec celle du pays ». À l’en croire, cette classe dirigeante « s’affole » à l’approche de la présidentielle de 2027 et se montrerait « prête aujourd’hui à toutes les alliances de circonstances, à toutes les compromissions morales et politiques, à tous les reniements ». Dans ce registre, il fait allusion, sans le nommer explicitement dans ses discours rapportés, au quasi-soutien apporté récemment par le responsable LR Laurent Wauquiez à Édouard Philippe, fondateur du parti Horizons.

En s’attaquant aux « héritiers » du macronisme et à un « petit monde parisianiste », David Lisnard cherche à se positionner comme une alternative issue des territoires, en rupture avec les accords jugés opportunistes entre formations traditionnelles et ex-cadres de la majorité. S’il n’a pas détaillé lors de cette réunion les contours d’un programme, la mise en scène de ce lancement de campagne et la dénonciation des « compromissions » esquissent une stratégie centrée sur la critique de la continuité et du jeu d’alliances au sommet, à près de trois ans de l’échéance présidentielle.