China: Residential property prices in tier-2 and tier-3 cities grew at slower paces

Residential property prices in 70 cities show similar trends between the tier-2 and tier-3 categories. The largest four cities are in tier-1, the next largest provincial capitals and municipalities are in tier-2, and tier-3 comprises smaller cities.

The tier-2 and tier-3 city prices for newly constructed commercial residential buildings rose by 4.79% y/y and 3.62% y/y respectively in June 2021, continuing a progressively slower rate of increase than for the same period in 2020. The average price for tier-1 cities grew by 6.15% y/y in June 2021, its highest since July 2017.

Further data and analysis on China’s economy are available on the CEIC China Economy in a Snapshot – Q3 2021 report.