Stable property market projected

The Ministry of Construction projected a continuation of gradual real estate price increases over the next year, discounting any prospect of a market collapse. Property sector investment across the country increased in the January through May period by 32% year on year. The National Bureau of Statistics property development investment index was down 0.62 points in May compared to April. The Ministry of Commerce recorded 64.8 million square meters of newly developed land in the first five months of the year, an increase of 19.8% year on year. But that increase was 12.4% lower than the increase recorded over the first four months of the year. The average cost of housing in the first five months of the year was US$326 per square meter, an increase of 10.6% over the same period last year.