Average residential housing price in Chinese cities up 2.99% in May

Tuesday, 02 June 2020 12:28:02 (GMT+3)   |   Shanghai

In May 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 15,280/mt ($2,147.1/mt), 0.06 percentage points higher than the month-on-month increase rate recorded in April, as announced by the China Index Academy, a Beijing-based real estate research institute.

Meanwhile, the average price of new residential housing in 100 major cities in China increased by 2.99 percent year on year in May, up 0.06 percentage points from the year-on-year increase rate recorded in April.

In May, the average price of new residential housing in ten leading Chinese cities, including Beijing and Shanghai, was recorded at RMB 27,672/mt ($3,888.3/mt), up 0.5 percent month on month, up 3.01 percent year on year.

Following the effective control of the coronavirus in China, demand for real estate in most cities improved gradually in May, especially in Hangzhou and Shanghai, as buyers were interested in these key cities due to better educational and medical services. 

$1 = RMB 7.1167


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