The latest figures show that second-hand house prices in the mainland city of Mudanjiang fell to the same level as in 2007 in the first quarter of this year, with its house price decline topping all mainland cities.
According to the Daily Economic News on April 30, statistics from the Shell Research Institute show that Mudanjiang’s second-hand house prices have fallen back to the prices of five years ago in 2020, without taking inflation into account, while the drop in the first quarter of this year directly set its house prices back to the level of 2007.
Data from China’s National Bureau of Statistics (NBS) also shows that Mudanjiang’s second-hand houses have already dropped by about 10% year-on-year for the first quarter of 2021 in a row.
Since January 2021, when the base-setting data for the “Changes in the Sales Prices of Commodity Residential Properties in 70 Large and Medium-sized Cities” was changed from 2015 to 2020, the prices of second-hand properties in Mudanjiang fell by 4.9% overall that month, the first on the mainland; they fell further to 5.1% in March, still the top drop on the mainland.
In addition to second-hand houses, the prices of new houses in Mudanjiang are also falling. Data from the National Bureau of Statistics of the Communist Party of China (NBSC) showed that the price of new homes in Mudanjiang fell for three consecutive months year-on-year, and the year-on-year figure remained unchanged only in March.
Due to the weak property market, local authorities are also auctioning off land with few leading real estate companies and less land is being offered for sale. Data from data service provider Wind shows that Mudanjiang’s residential land supply has been on a downward trend since the peak of the transaction area in 2011, except for a small rebound in 2018.
Recent Comments