NBS Reports China's Real Estate Market Bounces Back in H1
Select Language:In the first half of the year, China’s real estate market experienced a notable improvement in supply and demand dynamics, boosting market outlooks, according to a senior statistics official. . . .
Select Language:In the first half of the year, China’s real estate market experienced a notable improvement in supply and demand dynamics, boosting market outlooks, according to a senior statistics official. This progress was evident through stronger home prices in key cities, a decrease in housing inventories, and increased activity in the secondary home market, said Mao Shengyong, Deputy Head of the National Bureau of Statistics, during a recent press conference. He emphasized that authorities plan to continue supporting the market’s stable and healthy growth by maintaining current property policies. A survey conducted across 70 large and medium-sized cities revealed that over 63% of industry experts anticipated stable or rising prices for newly built commercial homes over the next six months as of June. This sentiment has remained above 60% for four consecutive months, rebounding by 20 percentage points from last year’s low. Since March, sales prices for both newly constructed and second-hand homes in first-tier cities have consistently increased month over month for four months straight. Monthly price growth for new homes ranged from 0. 1% to 0. 2%, while prices for second-hand homes rose between 0. 3% and 0. 4%. Price declines continued to narrow in second- and third-tier cities. In June, prices for newly built commercial homes in second-tier cities remained unchanged from the previous month after prior declines, while the monthly decrease in third-tier cities lessened by 0. 1 percentage points. Year-over-year, decreases in new home prices in second-tier cities and in second- and third-tier cities for second-hand homes all showed signs of narrowing compared to the previous month. Housing inventory levels continued to diminish. By the end of June, the total floor area of commercial homes available for sale nationwide dropped 0. 9% from the previous year, marking the fourth consecutive month of decline. The floor area of homes listed for less than three years decreased by 3. 5%. Mao noted that the transaction volume for second-hand homes is now roughly comparable to that of new homes. In the first half of the year, the floor area of second-hand homes registered through online filing increased by 10. 2% compared to the previous year, with growth accelerating by 2. 5 percentage points from the first five months. The combined online registration volumes for both new and second-hand home transactions have maintained positive year-over-year growth for three consecutive months. In recent years, local governments have adjusted property policies based on regional conditions, including controlling new housing supply, reducing inventories, and optimizing housing stocks. They’ve also eased home purchase restrictions, reformed the housing provident fund system, increased affordable housing supply, and promoted urban renewal initiatives. These strategies are expected to continue moving forward to ensure the steady and healthy development of the real estate sector. Fahad KhanA Deal hunter for Digital Phablet with a 8+ years of Digital Marketing experience.