Housing Index in China decreased by 2.80 percent in July from -3.20 percent in June 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.

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).

Graph and download economic data for Real Residential Property Prices for China (QCNR368BIS) from Q2 2006 to Q1 2025 about China, residential, housing, real, 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.

China Property Price: YTD Avg: Overall data was reported at 9,510.153 RMB/sq m in Mar 2025. This records a decrease from the previous number of 9,547.228 RMB/sq m for Feb 2025. China Property Price: YTD Avg: Overall data is updated monthly, averaging 5,157.474 RMB/sq m from Dec 1995 (Median) to Mar 2025, with 352 observations. The data reached an all-time high of 11,029.538 RMB/sq m in Feb 2021 and a record low of 599.276 RMB/sq m in Feb 1996. China Property Price: YTD Avg: 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: Monthly.

China Real Estate Market, valued at USD 5.30T in 2024, is projected to reach USD 6.98T by 2030, growing at a 3.9% CAGR from 2025 to 2030.

Residential Property Prices in China decreased 7.52 percent in March of 2025 over the same month in the previous year. This dataset includes a chart with historical data for China Residential Property Prices.

House Price Index MoM in China remained unchanged at -0.30 percent in July. This dataset includes a chart with historical data for China House Price Index MoM.

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

Revenue for the Residential Real Estate industry in China is expected to decrease at a CAGR of 9.8% over the five years through 2025. This trend includes an expected decrease of 9.6% in the current year.Since August 2020, the People's Bank of China and the China Banking and Insurance Regulatory Commission have proposed three debt indicators for real estate development and management companies through which the company's financial health can be rated. This new policy has exacerbated the company's debt pressure, making it unable to repay old debts by borrowing new debt. Some real estate companies faced a liquidity crisis.In 2022, the city's lockdown and laying-off caused by COVID-19 epidemic led to the pressure of delaying the delivery of houses. The industry's newly constructed and completed areas decreased significantly throughout the year. In addition, the epidemic has impacted sales in the industry, and some sales offices have been forced to close temporarily. In 2022, the residential sales area decreased by 26.8%, and the residential sales decreased by 31.2%.Industry revenue will recover at an annualized 0.7% over the five years through 2030. Over the next five years, the industry's drag on GDP will weaken, and industry growth will stabilize. However, high housing prices have become a major social problem in China. Under the measures on the principle that residential real estate is used for living, not speculation, the financial attributes of real estate will gradually weaken, and housing prices will tend to stabilize.

In 2023, the average price for residential real estate in Shenzhen ****** yuan per square meter. This was the highest price among all major cities in China, with the average price across the country amounting to ****** 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.

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.

CEIC calculates House Prices Growth from monthly Average Residential Property Price per Square Meter. The National Bureau of Statistics provides year-to-date Average Residential Property Price per Square Meter in local currency.

The China residential real estate industry is expected to grow at a CAGR of XX% during 2025-2033. The market size was valued at XX million in 2025 and is projected to reach XX million by 2033. The growth of the market is attributed to the increasing urbanization, rising disposable income, and government policies that support homeownership. The key drivers of the market include the increasing demand for housing from the growing middle class, the government's focus on affordable housing, and the development of smart cities. However, the market is also facing some challenges, such as the rising cost of land, the strict regulations on real estate development, and the increasing competition from the rental market. The market is segmented by type into apartments & condominiums, villas & landed houses, and by key cities into Shenzhen, Beijing, Shanghai, Hangzhou, Guangzhou, and other key cities. The major players in the market include Evergrande Real Estate Group Limited, China Overseas Land & Investment Limited, Longfor Group Holdings Limited, China State Construction Engineering Corporation Ltd (CSCEC), Shimao Group Holdings Limited, Sunac China Holdings Limited, China Resources Land Limited, China Vanke Co Ltd, China Merchants Shekou Industrial Zone Holdings Co Ltd, and Country Garden Holdings Company Limited. The market concentration is moderate, with the top 5 players accounting for XX% of the market share. The companies are focusing on expanding their presence in key cities, developing new projects, and offering innovative products and services to meet the evolving needs of consumers. The China residential real estate industry is one of the largest and most important in the world. In 2021, the industry was valued at over $4 trillion USD and is projected to grow to over $6 trillion USD by 2025. The industry is characterized by a high concentration of large developers, with the top 10 developers accounting for over 50% of the market share. The industry is also highly regulated, with the government implementing a number of policies to control prices and prevent speculation. Recent developments include: February 2022: Dar Al-Arkan, a Saudi real estate corporation, announced the creation of an office in Beijing, China. The move is in accordance with Dar Al-strategic Arkan's expansion ambitions and builds on the company's global brand development efforts. The company's Beijing office is expected to serve a variety of tasks, including establishing joint ventures between Dar Al-Arkan and renowned Chinese real estate developers for both the Chinese and Saudi markets, as well as enhancing investment and knowledge-sharing opportunities between the two countries. Dar Al-office Arkan's will serve as a hub for Chinese enterprises and investors looking to expand, start businesses, or invest in the Kingdom., February 2022: China Evergrande Group announced that it sold stakes and "right to debt" in four developments to two state-owned trust firms for CNY 2.13 billion (USD 0.35 billion), in a move to ensure their construction goes ahead as well as delivery of its other projects. The world's most indebted property developer is struggling to complete projects and homes - deemed a priority by China's policymakers to ensure social stability - while weighed down by its more than USD 300 billion in liabilities. Evergrande sold its stake and right to debt in a residential development in Chongqing and Dongguan to Everbright Trust for CNY 1.03 billion (USD 0.19 billion), as well as those in a housing project in Foshan and a theme park development in Guangzhou to Minmetals Trust for CNY 1.1 billion (USD 0.16 billion).. Key drivers for this market are: Government Infrastructure Spending, Urbanization and Increasing Disposable Incomes. Potential restraints include: Oversupply in the Real Estate, Labor Shortages. Notable trends are: Urbanization Driving the Residential Real Estate Market.

The China Commercial Real Estate Market is Segmented by Property Type (Offices, Retail, Logistics, Others (industrial Real Estate, Hospitality Real Estate)), by Business Model (Sales and Rental), by End-User (Individuals / Households, Corporates & SMEs, Others) and by Cities (Shanghai, Beijing, Shenzhen and More). The Market Sizes and Forecasts are Provided in Terms of Value (USD)

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.

Market Size and Growth: The China luxury residential real estate market was valued at $146.25 million in 2025 and is projected to reach $170.78 million by 2033, exhibiting a CAGR of 6.28% during the forecast period. Strong economic growth, rising disposable incomes, and increasing urbanization are fueling the demand for luxury residential properties in major cities such as Beijing, Shanghai, Shenzhen, and Guangzhou. Key Trends and Drivers: The market is characterized by growing demand for premium amenities, such as smart home systems, rooftop gardens, and concierge services. Government policies are also encouraging the development of luxury residential properties, with increased investment in infrastructure and incentives for foreign investors. Additionally, the rise of the high-net-worth individual (HNWI) population in China and the increasing interest in international buyers are driving the market upwards. However, factors such as strict government regulations, rising construction costs, and limited land supply may pose challenges for the industry. Recent developments include: December 2022: A joint venture led by Shui On Land has won the land-use rights to develop a residential project on a plot in Shanghai’s Yangpu district with a bid of RMB 2.38 billion (USD 340 million). The parties plan to develop the 16,993.8 square metre (182,920 square foot) parcel on Pingliang Street into a heritage preservation project incorporating a high-end, low-density residential community. A wholly owned subsidiary of Shui On holds 60% of the JV, with the remaining 40% held by state-owned developer Shanghai Yangshupu., November 2022: China’s largest lenders ready to pump over USD 162 Billion of credit into the country’s property developers, as Xi Jinping’s government retreats from tight controls on leverage in the real estate sector that had sparked a property crisis. Industrial and Commercial Bank of China (ICBC), China’s largest lender by assets, announced it was extending credit lines totalling RMB 655 Billion (USD 92 Billion) to 12 developers.. Key drivers for this market are: 4., Higher incomes support4.; Massive industry change. Potential restraints include: 4., High imbalance in population versus real estate index. Notable trends are: Growth of urbanization driving luxury residential real estate market.

The China residential real estate market, while experiencing fluctuations, presents a complex picture of growth and challenges. The period from 2019 to 2024 showed varied performance, likely influenced by government regulations aimed at cooling the market and addressing affordability concerns. Assuming a moderate CAGR (let's estimate 5% for illustrative purposes, acknowledging this is a simplification given the market's volatility) between 2019 and 2024, followed by a projected CAGR of 4% from 2025 to 2033, we can observe a pattern of sustained, albeit more tempered, growth. The market size in 2025 serves as a crucial base for future projections. Factors such as urbanization, rising disposable incomes in certain segments of the population, and evolving preferences for housing types continue to drive demand, even amidst regulatory tightening. However, challenges remain, including concerns about oversupply in certain regions, high debt levels among developers, and persistent affordability issues in major cities. The market's future trajectory hinges on the effectiveness of government policies aimed at balancing sustainable growth with financial stability and social equity. The government's focus on affordable housing initiatives and sustainable development will significantly influence market segmentation and overall growth. The forecast period (2025-2033) suggests continued expansion, albeit at a slower pace compared to potentially higher growth seen in prior years. This moderation reflects a more controlled and sustainable approach to market development. The long-term outlook is positive, contingent upon successful navigation of economic headwinds and the ongoing implementation of effective regulatory frameworks. Key players will need to adapt to shifting market dynamics, focusing on sustainable development practices, innovative financing strategies, and catering to evolving consumer preferences to capitalize on future growth opportunities. Analyzing regional variations within China is crucial for understanding the nuances of this dynamic market. Recent developments include: February 2022: Dar Al-Arkan, a Saudi real estate corporation, announced the creation of an office in Beijing, China. The move is in accordance with Dar Al-strategic Arkan's expansion ambitions and builds on the company's global brand development efforts. The company's Beijing office is expected to serve a variety of tasks, including establishing joint ventures between Dar Al-Arkan and renowned Chinese real estate developers for both the Chinese and Saudi markets, as well as enhancing investment and knowledge-sharing opportunities between the two countries. Dar Al-office Arkan's will serve as a hub for Chinese enterprises and investors looking to expand, start businesses, or invest in the Kingdom., February 2022: China Evergrande Group announced that it sold stakes and "right to debt" in four developments to two state-owned trust firms for CNY 2.13 billion (USD 0.35 billion), in a move to ensure their construction goes ahead as well as delivery of its other projects. The world's most indebted property developer is struggling to complete projects and homes - deemed a priority by China's policymakers to ensure social stability - while weighed down by its more than USD 300 billion in liabilities. Evergrande sold its stake and right to debt in a residential development in Chongqing and Dongguan to Everbright Trust for CNY 1.03 billion (USD 0.19 billion), as well as those in a housing project in Foshan and a theme park development in Guangzhou to Minmetals Trust for CNY 1.1 billion (USD 0.16 billion).. Notable trends are: Urbanization Driving the Residential Real Estate Market.

The China office real estate market, valued at approximately $X million in 2025 (assuming a reasonable market size based on similar global markets and the provided CAGR), is projected to experience robust growth, exceeding a 5.5% Compound Annual Growth Rate (CAGR) from 2025 to 2033. This expansion is fueled by several key drivers. The burgeoning Information Technology (IT and ITES) sector, coupled with a continuously growing BFSI (Banking, Financial Services, and Insurance) industry, is creating significant demand for modern office spaces in major cities like Beijing and Shanghai. Expanding manufacturing operations and a growing consulting sector further contribute to this market's dynamism. While factors such as economic fluctuations and potential oversupply in certain areas could pose restraints, the long-term outlook remains positive, driven by sustained urbanization, government initiatives promoting economic growth, and the continuous influx of foreign investment. The market segmentation reveals strong potential in tier-1 cities, with Beijing and Shanghai leading the charge. Key players like Wanda Group, Country Garden Holdings, and China Vanke are well-positioned to capitalize on this growth, though competition remains fierce. The strategic location of office spaces within these major cities plays a crucial role. Proximity to transportation hubs, amenities, and other commercial centers significantly impacts rental rates and occupancy levels. The continued development of smart city initiatives and a focus on sustainable building practices will shape future office developments. The market's evolution will also be influenced by shifts in work culture, with trends towards hybrid work models likely to affect demand. However, the long-term prospects for the China office real estate sector remain optimistic, driven by China’s ongoing economic development and increasing urbanization. This robust growth presents substantial opportunities for both domestic and international investors involved in development, leasing, and management of office spaces within this dynamic market. Recent developments include: April 2023: China's new private equity real estate pilot programme is designed to boost investment in the property sector and attract increased foreign investment. The pilot programme, announced by the Securities Regulatory Commission (CSRC) last month, is intended to boost private investment in the Chinese real estate market and open the door to foreign investors. The aim is to improve liquidity and reduce property developers' debt ratios., March 2023: Cushman & Wakefield's (NYSE: CWK) Greater China Capital Markets team recently facilitated the acquisition by CapitaLand Investment Private Fund of the Beijing Suning Life Plaza mixed-use development from Suning for approximately US$400 million.. Notable trends are: Robust Leasing Demand For the Office Spaces Driving the Market.

This data package includes the underlying data files to replicate the data and charts presented in Why China's housing policies have failed, PIIE Working Paper 23-5.

If you use the data, please cite as: Huang, Tianlei. 2023. Why China's housing policies have failed. PIIE Working Paper 23-5. Washington, DC: Peterson Institute for International Economics.