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