Guangzhou residential property prices down 11% year on year in Mar

Apr. 13, 2009 (China Knowledge) - Guangzhou, the capital city of Guangdong Province, saw its average price for new residential properties reach RMB 8,288 per square meter (sq m) in March, a month-on-month increase of 3.5% or a year-on-year decline of 11%, as per industry sources.

Last month, the city's transaction area of new apartments totaled 635,900 sq m, an increase of 34.3% from a month earlier or a jump of 68.4% from the prior year, representing the highest level in the past nine months.

In six key districts of Guangzhou last month, the average price of new residential real estate hit RMB 10,466 per sq m. Transaction area in the six key districts was 339,500 sq m, accounting for 53.4% of the total.

In Yuexiu District the average price for new apartments hit RMB 14,369 per sq m last month, a price higher than the averages in other districts. Liwan District, which saw the fastest price growth, saw prices rise 11.6% from RMB 9,710 per sq m in February to RMB 10,832 per sq m in March, sources reported.