China’s property boom continues

Country:  China

6 February 2008

House prices continued to rocket in China's major cities during the fourth quarter of 2007, according to recent figures.

The National Development and Reform Commission (NDRC) said in a statement that average house prices in China's 70 large and medium sized cities appreciated year-on-year by 10.2% in the fourth quarter of 2007. This is 2% higher than in the third quarter of last year.

The average price of a new apartment in China also rose, up 11.4% in the fourth quarter of 2007, compared to the same time in 2006. The mean price of resale apartments went up by 9.8%, during the same period.
 
Editor’s comment
China’s property prices have been getting increasingly expensive despite government attempts to limit property investment and provide for low-income families.