China News Service, Beijing, February 19 (Reporter Pang Wuji) A research report released by E-House Research Institute on the 19th showed that the decline in new home transaction area in 50 cities in China narrowed year-on-year in January this year. Among them, the new home transactions in Beijing and Hangzhou that month The area increased year-on-month.
The report pointed out that in January 2024, the transaction area of new commercial residential buildings in 50 key cities in China was 12.33 million square meters, a year-on-year decrease of 7%, and the decline was slightly narrower than last year's full year (-8%). Since July 2023, the monthly year-on-year decline of this indicator has generally continued to narrow.
Analysts believe that January is the traditional off-season for real estate market transactions. However, with the recent further relaxation of home purchase policies in various places, the volume of house viewing inquiries and transactions will gradually pick up after the Spring Festival in February. In other words, the rebound in market transaction data is expected to be reflected in the online signing data in March.
This report selected 20 cities among the 50 cities with relatively large real estate transactions for analysis. Analysis shows that in January this year, the transaction area of new homes in Beijing and Hangzhou increased by 18% and 16% respectively from the previous month. From a year-on-year perspective, the transaction area of new homes in Beijing, Hangzhou, Shenzhen, Xiamen and Xi'an maintained an upward trend that month. Among them, the transaction area of new homes in Beijing and Hangzhou both increased by more than 50% year-on-year.
The report believes that in January, the new home market in some key cities performed relatively well, but overall the absolute scale of new home transactions was still low. Recently, the property market in many places in China has given back positive signals: after the Spring Festival, the number of property inspections began to increase in many properties, second-hand housing transactions were active in some cities in January, and large-scale real estate transactions in some cities increased. These signals indicate that the foundation for the recovery of the home purchase market is becoming increasingly solid. (over)