China News Service, March 15 (China News reporter Zuo Yukun) – The National Bureau of Statistics recently released the sales price changes of commercial housing in 70 large and medium-sized cities in February 2024. The data revealed that the month-on-month decline in commercial residential sales prices in all tiers of cities continued to narrow, while continuing to decline year-on-year.
Industry analysts highlighted the increasing importance of the second-hand housing market in the current property market adjustment cycle. They suggested that boosting the second-hand housing market could play a significant role in opening up blockages in the housing transaction market.
In terms of new homes, Tianjin emerged as a leader in the market. Data showed that the sales price of newly built commercial housing in first-tier cities decreased by 0.3% month-on-month in February. Second-tier cities also saw a 0.3% decline, while third-tier cities experienced a 0.4% decrease. Analysts attributed the decrease to the off-season of the Spring Festival, which led to decreased attention to commercial housing transactions.
The second-hand housing market also experienced fluctuations in February, with sales prices in first-tier cities dropping by 0.8% month-on-month. Second-tier and third-tier cities saw a similar decline in sales prices as well. Experts noted that despite increased market enthusiasm post-Spring Festival, the transaction cycle for second-hand housing remained relatively long.
Tianjin’s real estate policies have been under the spotlight recently, with adjustments to down payment ratios for housing provident fund loans and the launch of housing purchase subsidies in many districts. The move aims to stimulate the housing market and facilitate transactions.
Looking ahead, experts believe that the focus of policy direction in various cities will be on the relaxation of purchase restrictions and the reduction of personal taxes and social security years to encourage potential home-buying groups to enter the market. Lowering down payments for second homes and mortgage interest rates is also expected to lower the home purchase thresholds and monthly payment costs, stimulating improved demand in the market.