Chinese property prices dip month-on-month

Country:  China

30 May 2008

Average property prices rose 10.1% in April, compared to the same time last year, slightly lower than in March, according to the National Development and Reform Commission and the National Bureau of Statistics (NBS).

The average property prices in 70 large- and medium-sized Chinese cities fell by 0.6% in April from the previous month.

Carlby Xie, head of research at the Colliers International’s Beijing branch, commented: “Based on our statistics of the middle- and high-end markets, the recent price trend remains stable. I would call it ’stagnant’ if we see the situation in terms of purchase price.’

Carlby Xie reports that a growing number of people have become reluctant to purchase homes in China, fearing a price correction after the Olympic Games in August. He added: “The purchase sentiment could possibly rebound by the end of the year.”

See Also:   China, Olympics