Great news for aspiring homeowners and real estate enthusiasts! In 2024, the Chinese real estate market has been on an upward trajectory, signaling a promising recovery. 🏡✨
The Chinese government has stayed true to its principle that \"housing is for living in, not for speculation.\" By implementing targeted and precise policies tailored to local conditions, they've created a stable environment for both buyers and investors.
Key policy changes introduced on May 17 and October 17 have played a pivotal role in this resurgence. These include cutting minimum down payment ratios, lowering mortgage rates, and optimizing housing provident fund policies. These measures have not only incentivized more people to buy homes but also boosted investment in affordable rental housing, catering to diverse housing needs and stabilizing market expectations. 📉💰
At the Central Economic Work Conference held on December 11-12, additional strategies were unveiled. The focus is on renovating shanty towns and dilapidated houses, unlocking demand from first-time homebuyers, and those looking to upgrade their living conditions. Moreover, there's an emphasis on controlling the supply of new real estate land, making better use of existing land resources, and managing commercial and office properties effectively.
These comprehensive efforts have led to a balanced supply-demand relationship in the real estate market, keeping housing prices relatively stable. 📊
According to data from China Real Estate Information Corp., December saw the national transaction area of commodity housing in 30 key cities reach 18.01 million square meters, marking a 15% month-on-month increase and a 17% year-on-year growth. The transaction volume also rose by 2% compared to December 2022, hitting the highest level in nearly three years.
Additionally, the China Index Academy reports that the average price of newly built residential properties across 100 Chinese cities was 16,654 yuan (about $2,281) per square meter in December 2024. This reflects a slight monthly increase of 0.37% and a yearly growth of 2.68%. 📈
With these positive indicators, it's clear that China's real estate market is on a steady path to recovery, offering hope and opportunities for many. Stay tuned to NewspaperAmigo.com for more updates on this and other exciting developments! 🌍💬✨
