Record Highs Mark Recovery in China's Housing Market with Surge in Key Cities
Record Highs Fuel China's Housing Market Recovery
China's housing market has witnessed record highs in transactions as major cities experience a surge following policy changes. In Shanghai, over 20,000 properties changed hands this month, representing a staggering 52.3% month-on-month increase. Meanwhile, Beijing reported 11,699 pre-owned homes sold in a mere 24 days, with projections to exceed 16,000 transactions.
Enhancements in Down Payments and Mortgage Rates
Measures such as lower down payments and reduced mortgage rates have been pivotal. The initiatives, part of a broader economic strategy launched in September, aimed to bolster confidence in the market after enduring several months of price declines.
- Shenzhen's new home sales hit 8,405, indicating a flourishing market.
- The area's total floor area transacted reached 1.3 million square metres.
- Transactions in 15 cities surged by 24%, further illustrating the trend.
The resurgence in key urban centers signals a proactive turnaround in China's property market, potentially paving the way for sustained growth.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.