China’s average daily home sales during the three-day New Year holiday in 40 cities, based on floor area, fell 26% compared with the same period last year, a survey showed on Tuesday, reports Reuters. Sales fell the most in smaller cities, dropping 50% during the holiday, according to data from the China Index Academy, one of the country’s largest independent real estate researchers.
“Shifts in residents’ expectations and policy support are key to real estate stabilisation in 2024,” the firm said.
For 2024, the firm said it expected more easing of restrictive property policies, with full relaxation on home buying curbs in second-tier cities. Authorities in recent months have been rolling out measures to support the crisis-hit property market.