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New home transactions in China’s southern metropolis Guangzhou reached 3.31 million square meters in the first half of the year, rising by 10% from the previous six months and up 1.1% from a year earlier, according to data compiled by real estate service company Savills.
The growth was driven by strong sales of some property projects targeting rigid home demand and the release of pent-up demand in the second half of 2022, it said.
However, homebuyers’ sentiment remains cautious and the first-half sales by floor area was 9.3% lower than the average level for the same period in the past five years, it said.
Notably, despite the weak transactions, the average transaction price increased driven by some high-quality projects, it said. As of the end of the first half, the average new home transaction price in Guangzhou stood at 45,000 yuan per square meter, rising by 2% from a year earlier and up 3.2% from the second half of 2022.