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Real Estate Sales Begin Recovery in China

25 March 2020 – Housing sales in China are beginning to turn the corner after a collapse due to the coronavirus pandemic. Daily sales fell by an astounding 99.7% from the day the outbreak was declared to a low in February, according to data released by Capital Economics and Knight Frank. China has also announced that it will ease restrictions on the circulation of the residents of Wuhan, where the virus originated, on April 8, 2020, after more than two months.

The resumption of economic activity in the areas most affected by the restrictions has already become apparent. According to a study of the 30 largest markets in China, home sales in the first half of March rebounded by 8.5% compared to the same period last month.

Outside of China, however, global real estate markets are preparing for a severe downturn. Growing restrictions around the world are preventing property appraisals, home visits, and visits to notary publics.

Original Story: Idealista

Translation/Summary: Richard D. Turner