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The cost of new housing in China continued to rise in June

According to the report from China Index Academy, the growth of prices for new housing in China accelerated compared to May, which was facilitated by a variety of government measures to stimulate demand, namely subsidies, smaller down payments, and relaxations on home purchases.

The data showed that last month the cost of new housing in 100 cities increased by 0.04%. In May, prices rose by 0.03%.

The China Index Academy reported that in June, an increase in prices for new housing was recorded in 47 cities out of 100, which was more than the May (40 cities out of 100).

The growth in the cost of housing in second-tier cities, including provincial capitals, doubled to 0.14% from 0.07% in May. The largest increase in housing prices (+0.68%) was recorded in Xian, the capital of the northwestern province of Shaanxi.

Economists expect the real estate market to recover in the second half of the year, as confidence in buying a home will gradually recover thanks to the easing of coronavirus restrictions and stimulus measures.

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