Woes in China's residential property market are expected to deepen this year as homebuyers remain cautious, with economists now expecting home prices to fall in 2022 and betting on a faster drop in property sales than previously forecast.
New home prices are expected to fall 1.4% in 2022, according to a Reuters survey of more than 10 analysts and economists polled between Aug. 29 and Sept. 2. In the May quarterly survey, analysts had expected prices to remain unchanged for the year.
The struggling sector is weighing on the outlook for the world's second-biggest economy, which narrowly escaped a contraction in the second quarter due to widespread COVID-19 lockdowns."Uncertainty over China's growth prospects and concerns about project incompletion will largely drive weak homebuyer demand over the next 6-12 months," said Daniel Zhou, an analyst at Moody's in a research note.
While authorities have taken a series of measures to prop up the sector this year, analysts in the Reuters poll said more was needed. "Multiple easing policy measures are needed to stabilise the property sector, such as relaxing curbs on purchase, re-selling and lending in second-tier cities," said Huang Yu, an analyst at real estate research firm China Index Academy.
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