China’s average new home prices in January increased 11.1% from the same period last year to RMB10901 per square meter, according to the China Real Estate Index System (CREIS).
After surveying home prices in 100 cities across China, the CREIS found that Beijing’s new home prices increased the most in January, up 17.11% year-on-year. The large price hike was partly due to the launch of a number of high-end property projects in January.
China’s new home prices have increased on a month-on-month basis for 20 months consecutively, even though the pace of the increase has moderated.
The median new home prices in January was RMB7192 per square meter, compared with RMB19226 per square meter for the country’s top 10 cities including Beijing and Shanghai.
In the month of January, 62 cities saw prices increase on a month-on-month basis; 37 cities saw prices drop and one city’s price was unchanged.
Property prices showed signs of cooling toward the end of last year as a result of policy tightening. It was also negatively impacted by seasonal factors including the Lunar New Year holidays.