Housing Index in China decreased by 3.50 percent in May from -4 percent in April of 2025. This dataset provides the latest reported value for - China Newly Built House Prices YoY Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Graph and download economic data for Real Residential Property Prices for China (QCNR628BIS) from Q2 2005 to Q1 2025 about China, residential, HPI, housing, real, price index, indexes, and price.

In 2023, the average price of real estate in China was approximately ****** yuan per square meter, representing a decrease from the previous year. Rising prices in the real estate market Since the 1998 housing reform, property prices in China have been rising continuously. Housing in the country is now often unaffordable, especially considering the modest per capita income of Chinese households. Shanghai and Beijing even have some of the most competitive real estate markets in the world. The rapid growth in housing prices has increased wealth among homeowners, while it also led to a culture of speculation among buyers and real estate developers. Housing was treated as investments, with owners expecting the prices to grow further every year. Risk factors The expectation of a steadily growing real estate market has created a property bubble and a potential debt crisis. As Chinese real estate giants, such as China Evergrande and Country Garden, operate by continuously acquiring land plots and initiating new projects, which often require substantial loans and investments, a slowdown in property demands or a decline in home prices can significantly affect the financial situation of these companies, putting China’s banks in a vulnerable position. In addition, due to a lack of regulations and monetary constraints, the long-term maintenance issues of high-rise apartments are also a concern to the sustainable development of China’s cities.

Property Price: YTD Avg: Beijing data was reported at 28,360.916 RMB/sq m in Mar 2025. This records a decrease from the previous number of 36,835.882 RMB/sq m for Feb 2025. Property Price: YTD Avg: Beijing data is updated monthly, averaging 19,466.029 RMB/sq m from Jan 2003 (Median) to Mar 2025, with 267 observations. The data reached an all-time high of 42,343.603 RMB/sq m in Jun 2021 and a record low of 4,515.769 RMB/sq m in Feb 2004. Property Price: YTD Avg: Beijing data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Monthly.

House price index in China, March, 2025 The most recent value is 121.64 index points as of Q1 2025, a decline compared to the previous value of 122.7 index points. Historically, the average for China from Q2 2005 to Q1 2025 is 113.55 index points. The minimum of 75.87 index points was recorded in Q2 2005, while the maximum of 145.91 index points was reached in Q3 2021. | TheGlobalEconomy.com

China Property Price: YTD Avg: Commercial Bldg: House in Advance: Overall data was reported at 9,966.035 RMB/sq m in Mar 2025. This records a decrease from the previous number of 10,188.346 RMB/sq m for Feb 2025. China Property Price: YTD Avg: Commercial Bldg: House in Advance: Overall data is updated monthly, averaging 10,605.445 RMB/sq m from Jan 2006 (Median) to Mar 2025, with 230 observations. The data reached an all-time high of 12,471.624 RMB/sq m in Feb 2014 and a record low of 6,341.000 RMB/sq m in Dec 2006. China Property Price: YTD Avg: Commercial Bldg: House in Advance: Overall data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Commercial Building: Monthly.

In 2023, the average price for residential real estate in Shenzhen 50,010 yuan per square meter. This was the highest price among all major cities in China, with the average price across the country amounting to 16,780 yuan per square meter. A pillar of the Chinese economy China gradually abolished its welfare housing allocation system and liberalized its real estate market in the 1990s. In 2003, the government declared the real estate sector as one of the pillars of the Chinese economy. Thanks to the country's rapid economic development and urbanization, China's real estate market expanded significantly in the last two decades, with the sector accounting for about seven percent of China's GDP in 2022. Unaffordable in major urban centers While the real estate industry greatly contributed to the growth of China's economy, the housing market boom also created social issues and financial risks. In comparison to household income, property prices in major cities, most notably Shanghai, Beijing, Guangzhou, and Shenzhen, are extraordinarily expensive for average citizens. Soaring housing prices have also led to a rapid division of wealth between homeowners and renters. At the same time, debt problems created by the rapid expansion of real estate companies and the high levels of debt accumulated by Chinese citizens have created serious potential hazards for China's financial system.

Despite a slowdown in the country's economy, property prices remained relatively high across China in 2023. In Shanghai, the average prices for residential housing exceeded ****** yuan per square meter, making the metropolis one of the most expensive cities to live in globally. Meanwhile, many less developed regions, such as the provinces of Guizhou, Gansu, and Guangxi, had average housing prices below ***** yuan per square meter. High property prices in major cities The commodification of real estate in the 1990s led to a rapid rise in property prices across China over the last three decades. Between 1998 and 2023, average property prices in China ************************* to more than ****** yuan per square meter. The cost of housing in core areas of major urban centers such as Shenzhen, Shanghai, and Beijing can often reach unaffordable levels, even for the middle class. Key drivers behind the housing price rise Due to the regional disparities in the country, China's rapid urbanization resulted in a high influx of internal migrants into its eastern cities, resulting in a short housing supply across many regions. At the same time, due to China's unique land and tax system, local governments are often highly dependent on land transfer revenues for their finances. As a result, many regional authorities tend to restrict the supply of available land in the market, further exacerbating property price rises across the country.

China Property Price: YTD Avg: Office: Existing House: Overall data was reported at 13,035.449 RMB/sq m in Mar 2025. This records a decrease from the previous number of 13,565.698 RMB/sq m for Feb 2025. China Property Price: YTD Avg: Office: Existing House: Overall data is updated monthly, averaging 12,836.007 RMB/sq m from Jan 2006 (Median) to Mar 2025, with 230 observations. The data reached an all-time high of 21,499.250 RMB/sq m in Feb 2020 and a record low of 6,260.000 RMB/sq m in Dec 2006. China Property Price: YTD Avg: Office: Existing House: Overall data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Office Building: Monthly.

House Price Index MoM in China decreased to -0.20 percent in May from 0 percent in April of 2025. This dataset includes a chart with historical data for China House Price Index MoM.

Key information about House Prices Growth

• China house prices dropped 4.1% YoY in Dec 2024, following a decrease of 4.8% YoY in the previous month.
• YoY growth data is updated monthly, available from Mar 1999 to Dec 2024, with an average growth rate of 7.4%.
• House price data reached an all-time high of 25.0% in Feb 2010 and a record low of -12.6% in Apr 1999.

Property Price: YTD Avg: House in Advance: Shanghai data was reported at 36,584.915 RMB/sq m in Dec 2019. This records an increase from the previous number of 36,511.883 RMB/sq m for Nov 2019. Property Price: YTD Avg: House in Advance: Shanghai data is updated monthly, averaging 17,632.127 RMB/sq m from Jan 2006 (Median) to Dec 2019, with 168 observations. The data reached an all-time high of 41,991.002 RMB/sq m in May 2019 and a record low of 7,113.000 RMB/sq m in Apr 2006. Property Price: YTD Avg: House in Advance: Shanghai data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Monthly.

In 2023, the average selling price of residential property in China was 10,864 yuan per square meter, a slight increase of 264 yuan from the previous year. Property prices in China have almost doubled over the past decade, but the market boom has been losing steam since around 2021.

Property Price: YTD Avg: Tianjin data was reported at 13,223.463 RMB/sq m in Mar 2025. This records a decrease from the previous number of 16,261.136 RMB/sq m for Feb 2025. Property Price: YTD Avg: Tianjin data is updated monthly, averaging 8,988.753 RMB/sq m from Jan 2003 (Median) to Mar 2025, with 267 observations. The data reached an all-time high of 17,359.168 RMB/sq m in Feb 2021 and a record low of 2,344.484 RMB/sq m in Feb 2003. Property Price: YTD Avg: Tianjin data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Monthly.

In 2024, the consumer price index for rents of residential housing in China ranged at 99.8 percent compared to the previous year (previous year=100). Since 2019, annual average prices for apartment rents in China have decreased slightly most of the years.

In 2023, with an average price reaching 46,783 yuan per square meter, Beijing had the most unaffordable residential housing market in China. The costs for housing were also high in eastern economic powerhouses, such as the municipalities of Shanghai and Tianjin, as well as the provinces of Zhejiang, Jiangsu, and Fujian. On average, the price for apartments in the country was 10,864 yuan per square meter in 2023.

Property Price: Hainan: Haikou data was reported at 12,294.084 RMB/sq m in 2024. This records a decrease from the previous number of 15,890.656 RMB/sq m for 2023. Property Price: Hainan: Haikou data is updated yearly, averaging 7,125.983 RMB/sq m from Dec 1999 (Median) to 2024, with 26 observations. The data reached an all-time high of 16,018.657 RMB/sq m in 2022 and a record low of 1,799.000 RMB/sq m in 1999. Property Price: Hainan: Haikou data remains active status in CEIC and is reported by Haikou Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PE: Property Price: Prefecture Level City.

In 2023, approximately 6.61 million new residential properties were built in China, representing a growth of less than 0.5 percent from the previous year. A pillar industry Since the 1998 housing reform, the number of new builds kept growing for more than a decade, before reaching a peak of 7.64 million in 2012. Since then, the annual number of new apartments remained generally stable, until the gradual decline in recent years. The Chinese economy is now highly dependent on the real estate industry, with the sector contributing almost 7.4 trillion yuan to the country’s gross domestic product (GDP) in 2022. Downward pressure   With the sector reaching a peak, and the mounting pressure over the unaffordable housing market in the country, the long-term healthy development of the Chinese economy is potentially at risk. Until 2021, China's personal housing loans had been growing at a double-digit rate every year, approaching 39 trillion yuan by 2022. High levels of indebtedness in the sector entail significant financial risks when the overall economic situation weakens, and property prices decline. The consequences are potentially damaging, both for major real estate enterprises such as Country Garden and for China's banking institutions.

Chinese housing prices rose by over 10 percent per year in real terms between 2003 and 2014 and are now between two and ten times higher than the construction cost of apartments. At the same time, Chinese developers built 100 billion square feet of residential real estate. This boom has been accompanied by a large increase in the number of vacant homes, held by both developers and households. This boom may turn out to be a housing bubble followed by a crash, yet that future is far from certain. The demand for real estate in China is so strong that current prices might be sustainable, especially given the sparse alternative investments for Chinese households, so long as the level of new supply is radically curtailed. Whether that happens depends on the policies of the Chinese government, which must weigh the benefits of price stability against the costs of restricting urban growth.

The China Residential Real Estate Market is Segmented by Property Type (Apartments & Condominiums and Villas & Landed Houses), Price Band (Affordable, Mid-Market and Luxury), Mode of Sale (Primary and Secondary), Business Model (Sales and Rental) and Key Cities (Shenzhen, Beijing, Shanghai, Hangzhou, Guangzhou, and Other Key Cities). The Market Forecasts are Provided in Terms of Value (USD).