Chinese housing market on upward swing for 37 months
Data shows real estate surge began in June 2015 when housing sales area increased by 3.9% year-on-year
As of June 2018, the real estate market in China has been rising for 37 straight months, setting a new record for the longest upturn in the nation’s history, The Paper reported.
According to data from the Centaline Property Agency, June 2015 marks the starting point for the surge when housing sales area increased by 3.9% year-on-year for the first time.
The latest data released by the National Statistic Bureau shows that for the first half of this year, the sales area of commercial housing was 771.43 million square meters, an increase of 3.3% from a year earlier.
The growth rate was also 0.4 percentage points higher over the first five months.
Meanwhile, the total amount of commercial housing sales reached 6694.5 billion yuan (US$1000.59 billion), an increase of 13.2%, while the growth rate saw an increase of 1.4 percentage points.
Zhang Dawei, chief analyst at the Centaline Property Agency, says although growth is expected to narrow in the second half of the year, the real estate market will remain at a historical high level in 2018.