Centaline Greater Bay Area Index rises for two months in a row

Of the 12 indexes, eight recorded increases in March, ranging from 0.33% to 7.86%, while four cities recorded decreases, ranging from 0.41% to 10.48%.

The Centaline Greater Bay Area Index recorded a 2.9% increase in the first quarter of 2023, with all four major cities, except Macau, recording increases in the index, with Hong Kong topping the list at 4.7%.

Centaline Property's Chief Executive Officer for Residential, Mr Chan Wing Kit, said the resumption of customs clearance between Hong Kong and the Mainland after the Lunar New Year has had a significant effect on purchasing power, which has been building up for nearly three years.

In Guangzhou, for example, the number of first-hand sales increased by 30% and 70% in March compared to the previous month and last year respectively, reaching a record high since December 2021, while the number of first-hand online sales in Shenzhen rose by nearly 1.9 times month-on-month. The Greater Bay Area Index rose for two consecutive months.

In the first quarter of this year, property prices in the first-tier cities in the Bay Area rose, also benefiting from the post-epidemic recovery effect. Looking ahead to April, as the economy gradually returns to its pre-epidemic performance, both Mainland and Hong Kong property prices are expected to continue to rise in tandem.

"The Centaline Greater Bay Area Index is based on the core data of primary and secondary residential property prices in nine cities in Guangdong Province and two special administrative regions (Guangzhou, Shenzhen, Zhuhai, Foshan, Dongguan, Zhongshan, Jiangmen, Huizhou and Zhaoqing, as well as Hong Kong and Macau Special Administrative Regions), with the annual GDP of each city as the weighting.

The Centaline Guangdong, Hong Kong and Macau Greater Bay Area Index is compiled in Renminbi. The exchange rate is based on the last day of each month when the People's Bank of China publishes the mid-price of Hong Kong Dollar to Renminbi. "The Centaline Greater Bay Area Index is released on the 15th of each month for the previous month.