[photopress:property_Guangzhou_property.jpg,full,alignright]Several major cities around the Pearl River Delta, including Guangzhou and Shenzhen, have seen a sustained dip in property prices over the last few months. But for Guangzhou, things finally seem to be looking up, with the latest official figures appearing encouraging.
Newly-constructed properties in Guangzhou in March went for RMB9,316 per square meter, a 0.1% increase from February. Meawhile, transaction volumes for new properties have also gone up by more than 60%, although this figure is still 30% lower than that recorded for the same period last year.
Having said that this is the first time in months that Guangzhou’s property market is moving up instead of down.
So Guangzhou has at least started on the right track — from the sellers point of view — while Beijing is positively bullish.
In March, the price of new houses price was up nearly 18% year on year. The average price for new properties inside the fourth ring road has hit a record high of RMB16,935 per square meter.
At the same time, 60% more land has been set aside to build houses.
Nie Meisheng, president of China Real Estate of Commerce, said, ‘I think it’s a signal. The wait and see stance that potential buyers are holding at present will change gradually. I think property markets in first tier cities like Beijing, Shanghai, Guangzhou and Shenzhen, will warm up in the coming months.’