Benefiting from the multi-pronged incentive policies, the housing market in many cities across China has shown strong signs of revival during the National Day holiday along with growing customer confidence, according to the Ministry of Housing and Urban-Rural Development.
The latest statistics from the Ministry of Housing and Urban-Rural Development showed that the number of visits for most promotional properties registered over a 50 percent year-on-year increase during the National Day holiday, which runs from October 1 to 7.
In central China's Hunan Province, from October 1 to 6, the number of visits for first-hand properties saw a 101.5 percent year-on-year increase, while second-hand properties experienced a 75 percent increase.
In southwest China's Sichuan Province, data showed that visits for sampling surveyed properties increased by 70 percent compared to pre-holiday period, with trading volume registering an average 140 percent increase in the first three days of the holiday.
Additionally, in neighboring Guizhou Province, a total of 1,187 units of commodity housing covering 137,500 square meters were transacted from Sept. 30 to Oct. 4, marking a 44.3 percent year-on-year increase.
China's central bank and the Ministry of Housing and Urban-Rural Development have rolled out a series of policies to ease the financial burden on property owners and bolster public confidence, aiming to stabilize the real estate market, especially in first-tier cities.
In late September, major Chinese cities, including Beijing, Shanghai, Guangzhou and Shenzhen, introduced a wave of real estate policy adjustments aimed at revitalizing the property market.
Over 10 provinces, municipalities, and autonomous regions have also rolled out policies at the provincial level to boost the property market. More than 130 cities, including Wuhan, Shangrao, Yangzhou, and Xining, have organized promotional activities such as housing expos, engaging over 2,000 real estate projects from 1,000 housing agencies. "The housing markets in various regions are experiencing a long-awaited revival, as the previously situation of first-hand properties transactions lowering than the second-hand properties is reversing. The number of completed deals has increased significantly, and property markets in third- and fourth-tier cities are seeing surging transactions on same par with the first- and second-tier cities. Overall, the expectations of all housing market players are turning upbeat," said Yu Xiaofen, dean of the Institute of Real Estate and Urban Studies at Zhejiang University of Technology.
China's housing market revives as multi-pronged incentive policies pay off
China's housing market revives as multi-pronged incentive policies pay off
