Land prices in first-tier cities jumped 85% last year

China Daily (Canada) - - NEWS CAPSULE -

Land prices in first- tier cities av­er­aged 13,745 yuan ($2,089.24) per square me­ter last year, surg­ing 85 per­cent from the pre­vi­ous year, the China Eco­nomic Net re­ported cit­ing data from E-house China R&D In­sti­tute.

In De­cem­ber alone, land prices rose 46.8 per­cent yearon-year to 10,436 yuan per square me­ter but the area sold fell 31.3 per­cent to 6.35 mil­lion square me­ters in first-tier cities.

Real

es­tate

ser v i c e s in­sti­tu­tion E-House pre­dicted a con­tin­u­ous in­crease in land-price growth this year, with a 10 per­cent year-on-year in­crease, partly due to a re­cov­ery in the prop­erty sec­tor and lim­ited land sup­ply in first-tier cities.

China’s prop­erty mar­ket took a down­turn in 2014 due to weak de­mand and a sup­ply glut. The cool­ing con­tin­ued into 2015 and showed signs of re­cov­ery in sum­mer and au­tumn with im­prov­ing home prices.

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