Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  April 18, 2013 11:18:25

China - property prices in major cities to grow strongly again


Prices of new homes in major Chinese cities in March again significantly increased. Home prices Guangzhou South China grew by 11% in Beijing by 8.6% and Shanghai by 6.4%. In all cases, growth was the highest since January 2011. Growth was recorded in 68 of 70 Chinese cities monitored, the highest since September 2011.

The rise in prices of new buildings in most cities is moving at a sustainable level lower than increasing disposable income of the population. This will, according to some estimates, growth in house prices this year by 7.5 - 13%.

Prices of existing homes also rose in March in Beijing by 9.1%, 7.2% in Shanghai, Guangzhou 7.5% and 6.2% in Shenzhen.

Home sales in Q1 of this year grew by 69% to 1.2 trillion yuan = approx 194 mld.USD, which was the highest growth in the last three years.Prices and sales are growing despite earlier government efforts to cool the real estate sector, a series of restrictive measures.
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