Growth spurs mild China property uptrend

SHANGHAI: The first May Day holiday in China after the Covid-19 pandemic control measures were seen as a mild pickup in property trading – and the uptrend will likely extend into the coming months, considering the macroeconomic acceleration and the anticipated further release of pent-up demand for homes, industry experts say.

The continuous optimisation of property-related policies by local governments as well as the ongoing steady economic improvement will set the tone for the real estate market from now on, with hot-spot cities expected to see a more buoyant performance, they said.

Though the volume of deals for residential properties during the five-day holiday was well behind the pre-pandemic levels, transactions in key cities for both new and existing homes saw double-digit growth year-on-year (y-o-y), said Guan Rongxue, a senior analyst with the Zhuge Real Estate Data Research Centre.

More than 5,200 new homes were traded between April 29 and May 3 in the 15 cities surveyed by the research centre, up nearly 26% year-on-year.

More than 785 pre-owned homes were also traded in six key cities, up 20% y-o-y, the centre said. — China Daily/ANN