Growth in China’s New Housing Prices Accelerates as COVID-19 Containment Measures Take Effect

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The latest official data points to a slight uptick in new housing prices in China in March, just as lockdown measures for addressing the COVID-19 pandemic began to ease.

Data from the National Bureau of Statistics (NBS) indicates that the average price of new houses across 70 large and medium-sized cities in China grew by 0.13% month-on-month in March, for an acceleration of 0.11 percentage points compared February.

Pre-owned housing prices increased by 0.05%, for an acceleration of 0.13 percentage points compared to the dip of almost 0.1% in February.

Guo Shiying (国仕英), an analyst with Zhuge Zhaofang Data Research Centre (诸葛找房数据研究中心), said to state-owned media that efforts to contain COVID-19 saw marked results in March, with most Chinese cities accelerating the resumption of normal life and production.

Market activity increased because housing demand accumulated during COVID-19 containment measures was gradually released.

Zhang Dawei (张大伟), chief analyst with Centaline Property, said that key cities across China saw a marked revival in transaction levels in March compared to February.

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