In 2024, China's real estate market is making a comeback! 🏠✨
After a challenging period, things are looking up thanks to some smart moves by the Chinese government. Sticking to the idea that \"housing is for living in, not for speculation,\" they rolled out policies that hit just the right notes.
On May 17 and October 17, the government introduced new measures to give the real estate market a boost. We're talking about cutting down payment ratios, lowering mortgage rates, and tweaking housing provident fund policies. These changes didn't just sound good—they made people want to buy homes again! 🏘️💰
But wait, there's more! At the Central Economic Work Conference in December, plans were unveiled to renovate old shanty towns and dilapidated houses. This isn't just about fixing up buildings; it's about unlocking the dreams of first-time homebuyers and those looking to upgrade. Plus, they're making better use of existing land and properties. Talk about resourceful! 🌆🔑
All these efforts are paying off. The balance between supply and demand is getting back on track, and housing prices are holding steady. 📈
Just check out the numbers:
- In December, 30 key cities saw the transaction area of commodity housing reach 18.01 million square meters—a 15% jump from the previous month and a 17% increase year-on-year! 🚀
- The transaction volume even surpassed December 2022 levels by 2%, hitting the highest point in nearly three years.
- Average prices of new homes in 100 cities climbed to 16,654 yuan per square meter (about $2,281), up 0.37% from the previous month and 2.68% year-on-year.
It's clear that the policy adjustments are delivering results. The real estate market is bouncing back, and it's an exciting time for buyers and investors alike! 🎉
Reference(s):
China real estate market recovers, policy adjustments deliver results
cgtn.com
