The Impact of COVID-19 on China's Real Estate Industry and the Outlook for Industry Trends
DOI:
https://doi.org/10.54691/bcpbm.v34i.3034Keywords:
China, real estate, COVID-19.Abstract
Contemporarily, the worldwide spread of COVID-19 has had a negative impact on economic activities globally, and the property sector in China has inevitably been affected. This paper focuses on three main areas of analysis: firstly, the impact of COVID-19 on housing transactions, secondly, the impact of COVID-19 on house prices and thirdly, the impact of the COVID-19 outbreak on property supply. According to the analysis, the outbreak definitely has some negative impact on housing transactions, house prices and supply in the Chinese real estate market in the short term. However, the property market in China is currently relatively stable. For China's super tier 1 cities and new tier 1 cities, the real estate market will recover relatively quickly. With regard to the second-tier cities, owing to their own disadvantage of being relatively backward economically, the real estate market will have some difficulty in recovering through their own efforts, i.e., policy support and assistance are required. Overall, these results shed light on guiding policy implementation for real estate industry in China.
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