Property Prices in 100 Cities Lower in October

Property prices in 100 cities lower in OctoberProperty prices in 100 major cities have fallen 0.23 percent in October, the biggest decline this year after a 0.03 percent slide in September. A survey of property developers and real estate offices reported that the average price of a home in October was lower.

The survey showed that in September the price for a square meter was around 8,877 yuan and 8,880 yuan in August. The survey also showed that several companies together with SouFun Holdings were the ones that compiled the survey that is closely watched ever since the national property prices index was scrapped by China.

The survey also showed that property prices in 58 cities fell in October while 40 cities showed growth. Compared earlier the  average prices for new properties climbed slowly only 5.21 percent compared to the increase of 6.15 percent in September.

In an effort to make homes more affordable and stop potential social instability a series of measures were implemented by China to curb property speculation, higher interest rates and limits on home purchases.

2 Comments for “Property Prices in 100 Cities Lower in October”

  1. I really question whether the price of 2nd hand homes are falling or if it’s just new construction from the major developers. I’m personally seeing prices still rise in Shekou and Futian.

    • The problem is that the drop has been tiny in the big scheme of things, I think the biggest thing is that it is actually falling and that the government intends for it to fall further, which is why many of the real estate companies are closing shop. They made sense when the market was on the upward trend, not when it’s falling and people stop selling.

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