Real estate market in Xi'an drops     Updated: 2022-02-09

The national real estate market has cooled down since the fourth quarter of 2021, driving the cooling of the real estate market in Xi'an, capital of Northwest China's Shaanxi province, according to the Xi'an investigation team of the National Bureau of Statistics.

In 2021, the monthly average number of saleable new commercial residential units in Xi'an remained above 90,000, an increase of 9.7 percent over the previous year.

The number of new commercial residential units available for sale in December exceeded 100,000, an increase of 8 percent over the previous month and an increase of 23 percent over the same period in 2020.

In December, the transaction volume of new commercial residential buildings in the city fell by 38 percent compared with the same period the previous year.

Due to the COVID-19 lockdown in the city starting from Dec 23, the transaction volume of second-hand housing hit a new low for the year, falling 22.3 percent from November.

Since 2021, Xi'an has supplied land in a centralized manner in accordance with the "limiting housing prices, determining quality, and competing for land prices" model. Data from relevant departments showed that as of December, three batches of centralized land supply had been supplied.

The land auction market had cooled down significantly and the expected trend of rising house prices had been curbed.