China housing prices show mild monthly gains

Updated 2017-04-19 10:31:02 CGTN

The National Bureau of Statistics reported on Tuesday that home prices rose in March from one year ago. Analysts say it will take a few more months for the government's purchasing curbs to take effect and cool the market.

China's residential housing market saw moderate gains in March, although the growth slowed down. Haikou, Sanya and Guangzhou saw the largest monthly rises, followed by other second- and third-tier cities.

According to analysts, good weather in coastal areas helped boost prices, such as in Sanya and Xiamen. Both cities enjoy warm weather, and are close to the sea.

Another notable trend is the almost universal price movement in existing homes. Only two of the 70 cities surveyed saw modest price drops, with major markets Beijing, Guangzhou, Shanghai, and Shenzhen all gaining from the previous month.

More than one third of the home projects being showcased at the annual real estate trade fair in Beijing are for leisure purposes in tourism cities. Buyers are more interested in those properties than expensive local apartments.

"Projects in Beijing being showcased are mostly medium and large apartments targeting buyers looking for an improvement," said Zheng Xiandong, the secretary for Beijing Real Estate Trade Fair.

The existing home market takes up the majority share of China's home sales, thanks to a number of purchase curbs by various local governments issued last year and, as recently as last month.

Official numbers show that Beijing's daily new home transaction volumes fell in March after tougher property curbs were introduced. But on a national level, the market needs time to adjust. The effects of the housing policies are expected to be felt in the next three to five months.

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