Covid-19 cases have decreased but so have China’s Property Market Sales

Christopher Zenios21/02/20202min
Residential real estate markets in China were not exactly in a great place before Covid-19 began in Wuhan, now they are slowing to a crawl.

Only a few sectors have managed to stay clear of the epidemic, which has ultimately caused the China economy to experience a standstill. Other industries have been fortunate to continue their businesses online.

In respects to China’s real estate market, due to the current epidemic and fear of coronavirus, popular apps are in operation more than before and these offer everything that one would need to find and purchase a house. Features include different criteria such as locations, price, realistic virtual tours of the property and of course the ability to communicate with the agent or seller of the particular property, all in real-time.

But the fact of the matter is, even though industry experts and agents were hopeful that digital apps would help get some online sales, it didn’t work because buyers need to see the units before they commit to buying. Purchasing a property is surely a greater commitment than purchasing most other products online.

Very rarely an individual with money ready to make a purchase in current situations will fork out money to finalize a deal.

According to the latest data, in January 2020 new home prices have increased in price at the slowest pace in the last 2 years, due to the standstill of the market, once the coronavirus became a matter of life-threatening importance.

February data is worse due to the lockdown in many cities of China, agencies being ordered to close which made potential buyers and investors unable or even unwilling to view properties.

However, analysts and industry experts believe the property sector in China will experience a quick rebound once Covid-19 is contained. If an antidote is discovered and containment of the virus happens, then demand will return and probably larger than before.

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at [email protected] for editorial related questions.

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