Domestic analysts say that the Chinese housing market has just seen average prices rise permanently above the threshold of 10,000 yuan (approx. USD$1,498) per square metre.
Yan Yuejin (严跃进), property analyst with E-House (China) Holdings, said that the latest official data indicates that the average commercial housing price for the first three quarters of 2020 was 9,878 yuan per square metre, for a YoY rise of 5.6%.
“Additionally, looking at the data for individual months, the average housing price in China was above the 10,000 yuan level for the past three months,” said Yan.”We can basically consider that national housing prices have already entered the 10,000 yuan era.”
Data released by the National Bureau of Statistics (NBS) on 19 October indicates that the nationwide sales floorspace for commercial housing in the first three quarters of 2020 was 1.117073 billion square metres, for a YoY decline of 1.8%.
The commercial housing sales amount was 11.5647 trillion yuan, was a YoY rise of 3.7%.