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Residential property prices in Guangzhou fell to their lowest in two years last month, according to a report recently released by Guangzhou Land Resources and Housing Management Bureau.

 

The average price of residential properties in March was 7,029 yuan (US$900) per sq m, down 9 percent from 7,729 yuan in February.

 

The average price of residential properties in the districts of Tianhe, Liwan, Baiyun, Huangpu, Luogang, Huadu and Nansha all dipped in March, while the suburban district of Baiyun fell the most, by abut 800 yuan per sq m to 6,353 yuan.

 

Prices in Yuexiu, Haizhu and Panyu districts rose by 100 yuan to 200 yuan per sq m.

 

There were also movements in other areas last month. The number of residential transactions fell, along with apartment purchases and overall transaction volume.

 

According to the report, there were 13,963 property transactions registered in March, a drop of 14.3 percent from February. Their cumulative space was 1.40 million sq m, down 23.4 percent.

 

The total value of the transactions was 7.76 billion yuan (US$995 million), down 13 percent.

 

Li Wenjiang, chief analyst of Hopefluent Real Properties, attributed the decline in the city's residential apartments to recent measures the city government took to keep prices under control.

 

The measures included the expansion of land supplies, heftier investment in the development of "economical houses" for low-income families, reclaiming unused land, streamlining procedures for housing approval and releasing house prices on time.

 

There was also a recent campaign by 11 government departments to expose property developers' tricks and improper behavior relating to property developments, marketing and sales activities.

 

Li said that the heating-up of the stock and fund markets had also have attracted people away from the real estate market.

 

"That probably resulted in the fall of total transactions, a soothed market demand and a price drop," he said.

 

Han Shitong, a property analyst with Guangzhou Real Estate Association, disagreed.

 

"I wish the fall was the fruit of the city government's efforts to curb soaring property prices," he said. "But we can't ignore the fact that a surge in transactions in suburban districts, where the price is much lower, accounted for the average price fall in March."

 

(China Daily April 17, 2007)