The Chinese property market is continuing to post positive results after the National Bureau of Statistics of China released information from the first 10 months of 2013.
Rising prices
According to a November 18 release, the sale prices of newly constructed commercial residential buildings saw improvement. The data showed 65 cities across the country experienced a rise in sale prices, three stayed unchanged and only two recorded a slight fall over the month of October.
The highest recorded rise in sale price over this period was 1.3 per cent, while the lowest change was a decrease of just 0.1 per cent. These price changes varied across the cities of Beijing, Shenzhen, Guangzhou and Shanghai.
However, year-on-year results proved to be much more significant. Compared to October 2012, sale prices for newly constructed commercial residential buildings rose in 69 cities while only falling in one. The highest recorded increase for real estate during this period was 21.4 per cent, demonstrating the rapidly rising house prices in many parts of the country.
Development investment
It's not only sale prices for housing that have seen significant growth over the year, either. A substantial level of investment has been recorded in housing development, which may be fuelling demand for property in China.
The National Bureau of Statistics in China recorded 6,869.3 billion yuan in property development investment over the first 10 months of 2013. This translates into a large 19.2 per cent increase from the same time last year, showing the current positive sentiment in the market from real estate developers.
This activity included both residential and commercial real estate developments, however residential made up the majority at a total of 4,722.2 billion yuan.
According to the data, a large share of the total real estate development investment over 2013 was located in China's eastern regions.
In these areas, the value of development investment reached 3,844.3 billion yuan after rising by 17.1 per cent over the year. This could indicate a great location for potential homebuyers and investors to keep an eye on as development ramps up.
These figures also show the level of demand for brand new housing across Chinese cities is still very strong from buyers.
For more information about real estate in China, contact Ray White Group at www.raywhite.com.
