China’s Property Market Makes Recovery from COVID-19 in June
The latest data points to a significant recovery in China’s property markets by the months of May and June, following the heavy economic impacts of the COVID-19 lockdown.
Figures from the Centaline Group indicate that activity on China’s national housing market had returned to peak levels for 2019 by the month of June, following a glimmer of recovery in May.
Key first-tier cities such as Beijing, Shenzhen and Guangzhou all saw ongoing month-on-month gain in transaction levels in June, while remaining basically on par with the same period for last year.
Second and third-tier cities saw on-month gains of over 10% on average when it came to transaction levels.
In terms of prices, figures from the China Index Academy indicate that the average new residential property price for 100 Chinese cities was 15,461 yuan per square metre in June, for an on-month rise of 0.53%.
For pre-owned houses the average was 15,301 yuan per square metre, for an on-month rise of 0.30%.