Beijing, China – October 2, 2024: China’s property market continues to show signs of recovery, with new home prices experiencing a marginal increase in September. According to a private survey conducted by the National Bureau of Statistics (NBS), prices rose by 0.1% month-over-month, marking the second consecutive month of growth.
This slight uptick is a positive development for the Chinese real estate sector, which has been grappling with a prolonged slowdown in recent years. Factors such as government stimulus measures and improving economic conditions have contributed to the stabilization of prices.
However, the overall picture remains mixed. While prices in tier-one cities like Beijing, Shanghai, Shenzhen, and Guangzhou recorded modest gains, smaller cities saw a decline. This indicates that the recovery is still uneven, with larger cities leading the way.
The NBS survey also revealed that the average selling price of new homes in China increased by 1.0% year-over-year in September. This marks a slight acceleration compared to the previous month, suggesting that the upward trend is gaining momentum.
Despite the positive signs, challenges persist in the Chinese property market. The lingering debt crisis within the sector, coupled with concerns about oversupply, could pose risks to the ongoing recovery. Government policies will play a crucial role in steering the market towards a sustainable path.
Overall, the September data indicates that the Chinese property market is gradually emerging from its slump. While the recovery is still in its early stages, the continued increase in new home prices suggests that the sector is heading in the right direction.
