Hey there! Did you know that in China, the prices of homes changed just a little bit in February? Let’s find out why!
Every year, China celebrates the Spring Festival, also known as Chinese New Year. It’s a huge holiday, and many people travel to see their families. During this time, fewer people are buying and selling houses because they’re busy celebrating!
According to the National Bureau of Statistics (that’s like China’s big math team 📊), prices for new homes in the biggest cities like Beijing and Shanghai went up by a tiny 0.1% from the month before.
In medium-sized cities, new home prices stayed about the same. But for resold homes (that’s like buying a house from someone who already lived there), prices went down a little by 0.4%.
Also, investments in building new houses and apartments dropped by 9.8% compared to the same time last year. This means builders are spending less money on new projects right now.
Why is all this happening? Well, holidays like the Spring Festival can slow things down because everyone is taking a break! But don’t worry, things usually pick up again once the celebrations are over. 🎉
Reference(s):
China's home prices dip slightly in February due to holiday impact
cgtn.com
