A Summary of Real Estate Market in Guangdong Province
Resource:
Real Estate Association of Guangdong Province
First Quarter,2008 Market Report for Guangdong Real Estate;
2007 Annual Market Report for Guangdong Real Estate;
2006 Annual Market Report for Guangdong Real Estate;
2005 Annual Market Report for Guangdong Real Estate;
State of Real Estate Market in China
Sales of Property
From 2001 to 2006, the floor areas of commercial property sold, as well as the floor areas of residential property sold, increased remarkably. Average Prices of commercial property rose from 2,170 RMB/ m2 in 2001 to 3,367 RMB/ m2 in 2006. At the same time, Average Price of residential property increased from 2,017 RMB / m2 to 3,119 RMB/ m2. The annual growth rate is 10.4%. (Resource: 2007 China Statistical Yearbook)
According to the Real Estate Financial Analysis Report of China (2008-2009), the Floor Area of the property sold was 761.927million m2 in 2007, 23.2% more than that of 2006. Among the total property sold, the floor area of commercial residential property sold was 691.04 million m2, 24.7% increased; office buildings, 14.54 million m2, 18.1% increased; commercial buildings (for retail stores, shopping malls), 45.53 million m2, 5% increased, respectively. According to the data, the demand for commercial residential property was much higher than that for office buildings and commercial buildings. At the same time, the housing vacancy was 130 million m2. The housing vacancy rate decreased 8% comparing that of 2006. In the total housing vacant, housing vacant area of commercial residential property was 67.56 million m2, 16.6% decreased from previous year.
The price growth rate remains high, and the price remains a high level. Especially for the new constructed commercial residential properties, the growth rate is higher than that of used properties. In the period of January to October, 2007, the average price was 3974 RMB/m2 nationwide, 15.3% increased comparing the same period in 2006.
In categories, residential property keeps a high growth rate, office buildings, so does commercial buildings, has a fluctuating yet upward growth rate. The price growth rate of residential property remains higher than that of non-residential property.
The prices of residential property went up with high growth rates. In October 2007, the price of new constructed commercial residential property grew 10.6% than the price in the same period in previous year, 0.6% greater than the growth rate in September, 3.2% greater than the growth rate in June. The prices of office buildings and of commercial buildings fluctuate month by month, but the general trend was upward. In October, the price of office buildings grew 8.7%, 1% less than the growth rate of September; the price growth rate of commercial buildings was 6.6%, 2.4% less than the growth rate of September.
From 2002 to 2004, the floor area sold was lower than the floor area constructed each year, but the growth rates of former were greater than the that of latter, relatively. Till 2006, the total residential floor area in China was 554.2 million m2.
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