In September this year, the average price of new residential housing in 100 major cities in China increased by 0.31 percent month on month to RMB 15,051 ($2,128.0) 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 0.06 percentage points lower than the month-on-month increase rate recorded in August this year.
Meanwhile, in September the average price of new residential housing in 100 major cities in China increased by 3.56 percent year on year, 0.12 percentage points lower than the year-on-year increase rate recorded in August.
The average price in September of new residential housing in ten leading Chinese cities, including Beijing and Shanghai, was recorded at RMB 27,219 ($3,848.3) per square meter, up 0.34 percent month on month, 0.09 percentage points higher than the month-on-month increase rate recorded in August, while the average prices increased by 2.58 percent year on year, 0.09 percentage points higher than the year-on-year increase rate recorded in August this year.
The real estate market in China will likely maintain its current stable growth or see a slight decline as China’s central government has stressed in its statements housing is for living and not for investing and has implemented related measures, including tighter financial policies and adjustments in mortgage rates.