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Steady growth in residential property prices

Last Updated: Monday, August 19, 2019 - 14:59
China’s residential property market was stable last month with almost all cities recording moderate price growth in both new and existing segments.
In the four gateway cities, new home prices rose an average 0.3 percent from a month ago, slightly faster than June’s 0.2 percent, according to the National Bureau of Statistics, which monitors home prices in 70 major cities around the country.
In particular, new home prices in Beijing and Guangzhou rose 0.6 percent and 0.3 percent, remained flat in Shenzhen and dipped 0.1 percent in Shanghai.
In the pre-occupied housing market, prices in the four cities also increased an average 0.3 percent, unchanged from a month ago. They were up 0.4 percent, 0.4 percent and 0.7 percent, respectively, in Shanghai, Guangzhou and Shenzhen, and fell 0.3 percent in Beijing, according to the bureau.
In the 31 second-tier cities, new home prices rose an average 0.7 percent, easing from the 0.8 percent increase recorded in June. Prices of existing homes, meanwhile, advanced 0.4 percent, compared with a 0.3-percent gain in the previous month.
Both new and existing home prices in the 35 third-tier cities advanced at a pace of 0.7 percent in July, exactly the same as in June.
“July’s performance was within our expectation since it’s the traditional off season for property market when transaction often turns subdued and price growth pace eases,” said Lu Wenxi, senior manager of research at Shanghai Centaline Property Consultants Co. “As we can see, the majority of cities witnessed very minor changes in price from a month ago.”
The number of cities registering a month-over-month new home price growth of more than 1 percent, for instance, fell from 22 to 18 in July. Meanwhile, the largest monthly price growth dropped to 1.6 percent from June’s 2.5 percent.
Across the country, new home price in Pingdingshan, Henan Province, witnessed the biggest month-on-month increase of 1.6 percent, the bureau's data showed.
On a year-on-year basis, prices of new homes in all-tiered cities rose at a slower pace in July. They added 4.3 percent, 10.7 percent and 10.2 percent, respectively, in first, second and third-tier cities. In pre-occupied residential market, they strengthened 0.2 percent, 6.7 percent and 7.1 percent, respectively, from same period a year ago, the bureau said.