An analysis carried out in 100 cities early this year shows that the prices of fresh housing in January have been rising at the fastest monthly rate for more than 2 years, and the volume of sales (perpetual lease) of land for the construction of the property ended with a 23-month drop, which is uncommon good news for the troubled Chinese real property sector.
According to the China Index Academy (chin. 中国指数研究院) average prices in 100 cities rose for the 5th consecutive time in January, this time by 0.15% of the period to period (m/m) erstwhile in December 2023 the increase was 0.10% of m/m. This was the fastest increase since August 2021 erstwhile it was 0.20% m/m.
The number of cities with a month-to-month increase in prices besides increased in January to 49, compared with 47 in December 2023. The income of local governments from the sale of land for housing increased in January, for the first time in 2 years, this time by 1.8% year to year.
Other information from the real property market: in January, 20 of the 29 largest Chinese cities completely abolished the restrictions on the number of apartments purchased. So far, there have been regulations prohibiting the acquisition of more than 1 flat by 1 family. In December 2023 average housing prices rose in
- Shanghai by 0.9% y/y,
- Beijing by 0.7% y/y
The most costly apartments in specified provincial cities (provincial capitals) as:
- ChengDu (chin. 成都),
- Xi’An (chin. 西安),
- HeFei (chin. 合肥) and
- NanJing (chin. 南京).
The road to the real property sector is inactive far away, but the first signals are that the situation is improving. Government policies aimed at supporting the real property sector, erstwhile a pillar of the economy, may start to work in 2024, after 2 years of fast decline. The declines in this year should be smaller than those recorded since 2022.
Source: https://www.shobserver.com
Author: 梁安基 Andrzej Z. Liang, 上海 Shanghai, 中国 China
Email: [email protected]
Editorial: Leszek B.
Email: [email protected]
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