In October this year, the average price of new residential housing in 100 major cities in China increased by 0.15 percent month on month to RMB 15,073 ($2,139.8) per square meter, as announced by the China Index Academy, a Beijing-based real estate research institute. The month-on-month increase in average prices was 0.16 percentage points lower than the month-on-month increase rate recorded in September this year.
Meanwhile, in October the average price of new residential housing in 100 major cities in China increased by 3.23 percent year on year, 0.33 percentage points lower than the year-on-year increase rate recorded in September.
The average price in October of new residential housing in ten leading Chinese cities, including Beijing and Shanghai, was recorded at RMB 27,194/mt ($3,860.6/mt), down 0.09 percent month on month, compared to a rise of 0.34 percent in September. Meanwhile, the average prices in ten leading Chinese cities increased by 2.16 percent year on year, 0.42 percentage points lower than the year-on-year increase rate recorded in September this year.
Against the backdrop of the Chinese central government’s repeated emphasis that housing is for living in and not for speculating on, the real estate market in China is expected to maintain its current stable growth, while prices in some cities will come under downward pressure due to slowing demand in local markets.