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New urban housing demand reaching a peak
2014-07-29
By Xu Wei and Lan Zongmin, medium-long-term research team, Development Research Center of the State Council (DRC)
Report No 69, 2014 (Total No 4568)
Summary:
Residential buildings in China's urban areas saw the amount of space exceed 20 billion square meters in 2013, meaning each urban family could have their own housing. So, over the next decade, as new demand and new construction reach their peak, the average housing available per urban family will grow to 1.05, approaching the level of developed countries. With the coming of this new peak and population distribution adjustment, especially among the urban population, housing demand will change greatly. And people will continue to gather in metropolitan areas, such as the Beijing-Tianjin-Hebei area, Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing area.
To control the real estate development, the country needs to consider the differences between regions and keep housing purchase conditions stable. It also needs to improve the housing information network, develop a real estate registration system, increase real estate tax trials, and come up with more legislation.
