China: Home Prices rise for the 1st time in 18 months
There is good news for the property market in China as home prices rose for the first time in a year and a half.
This rise in home prices can largely be attributed to the government's policies which have helped to restore confidence in the property market. Specifically, home prices in 55 out of 70 cities saw an increase, while inhabited home prices rose in 40 cities. Year-on-year, 14 cities in China recorded an increase in new home prices, while seven cities recorded an increase in secondary market housing prices in February.
The average price of a new apartment in China rose by 4.1 percent to 10,588 yuan ($1,533) per square meter in the first two months of the year, compared with the same period last year. This marks the first time that house prices have risen in 11 months, which is a considerable cause for optimism.
Since November 2022, the central and local governments of China have been making significant efforts to support the property market. They have been offering financial support on an unprecedented scale to help real estate developers secure supply and restore stability in the industry. The results of these efforts can now be seen in the rise in home prices.
Despite the recent positive developments, it is warned that it still takes time for a solid recovery. Home sales in January and February this year fell 3.6% from a year earlier to 151.3 million square meters, while the total value of sales contracts decreased by 0.6% to 1.544 billion yuan.
However, this recent uptick in home prices is undoubtedly a turning point for the property market, which had been in a protracted crisis until recently. If the government's policies continue to provide a positive impact, the property market in China could well be on its way to achieving stability and sustained growth.
China: Home Prices rise for the 1st time in 18 months
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