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China's new home prices hit the fastest growth in 2.5 years

China's new home prices hit the fastest growth in 2.5 years

Posted on February 5, 2024

China witnessed the quickest monthly surge in new home prices in nearly 2.5 years, fueled by government support and anticipated policy relaxations.

Average prices in 100 cities rose for the fifth consecutive month, with January's 0.15% month-on-month gain surpassing December's 0.1% increase.

This marked the fastest rise since August 2021 when there was a 0.2% gain in new home prices.

In January, 49 cities experienced month-on-month price growth, up from 47 in December.

China's property market faced challenges in 2021, ending the year with the worst monthly decline in new home prices in almost nine years at 0.4% in December.

To address these challenges, the Chinese government implemented policies over the past year to revive the real estate industry and boost buying sentiment, including the recent easing of home-buying curbs in major cities like Shanghai, Suzhou, and Guangzhou.



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