BEIJING, April 11 (TMTPOST) – The pre-owned housing market in Chengdu is experiencing robust growth thanks to the release of the demand from newcomers to the city and reduced costs associated with home transactions.
With the end of the pandemic in China after the Spring Festival, the downswing of mortgage rates, the relaxation of purchase restrictions and the gradual release of pent-up home-buying demand in major cities in China contributed to a significant rebound in the pre-owned home market, particularly in cities like Chengdu. The city in southwestern China was not significantly impacted by the novel coronavirus. The city witnessed a further increase in the volume of second-hand housing transactions, indicating a resurgence in the market.
According to data released by China Real Estate Information, the second-hand house transaction area in Chengdu reached nearly 3 million square meters in March, marking a new high in recent years. This represented a month-on-month increase of 49.8% and a year-on-year jump of 108.28%. Additionally, 24,459 second-hand residential units were sold in the city during the same period, showing a substantial year-on-year increase of 111% and a month-on-month increase of 35.89%.
Despite the nationwide trend of declining house prices in major cities over the past two years, Chengdu has bucked the trend and achieved new highs in house prices, with both new and second-hand home prices having risen for 14 consecutive months. Data from the National Bureau of Statistics further confirmed this, showing that second-hand properties in Chengdu experienced a month-on-month increase of 1% and a year-on-year increase of 9.2% in February, with the latter being the highest in the country.
The second-hand housing market in Chengdu is booming as a result of two major factors. One is demand from new residents. Data released by the Chengdu Bureau of Statistics on March 27 show that in 2022, against the backdrop of the overall slowing population growth, the city’s population increased by 76,000. By the end of 2022, the city’s resident population was 21.27 million, after only Chongqing, Beijing and Shanghai. Data from the 7th national population census on May 27, 2021 showed that the resident population in the proper city, including 12 municipal districts and two economic areas, is 15.42 million, an increase of 5.53 million compared to the 6th census in 2010. The influx of newcomers to this area generated huge demand for housing.
Secondly, the streamlining of the second-hand housing transaction procedure and the reduction of transaction thresholds have also stimulated housing improvement demand in the market. Chengdu has taken the lead in implementing a new model for second-hand house “transfer with mortgage”, which has shortened the transaction time and reduced associated risks. Moreover, the city has witnessed a decrease in mortgage interest rates and down payments for homebuyers this year, resulting in increased demand from homeowners to sell their current property for a better one.
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