January marked a positive turn for China's housing market as home prices in the country's first-tier cities continued their upward trend. This rise indicates a stabilization in the real estate sector, which has been closely watched by both local residents and international investors.
The National Bureau of Statistics reported that residential property prices in major cities such as Beijing, Shanghai, Guangzhou, and Shenzhen experienced a month-on-month increase of 0.1 percent. Both new and second-hand homes contributed to this growth, reflecting sustained demand in these urban centers.
In addition to the first-tier cities, second-tier cities also saw a resurgence in the housing market. Newly built homes in these areas rose by 0.1 percent month-on-month, marking the first price increase since June 2023. Conversely, second-hand housing in second-tier cities experienced a slight decline of 0.3 percent, consistent with the previous month.
Overall, the year-on-year decline in home prices across first, second, and third-tier cities has been narrowing, suggesting a gradual recovery and increased confidence in the housing market. This trend is encouraging for stakeholders ranging from global investors and business professionals to residents seeking stable housing options.
Reference(s):
cgtn.com
