House prices in Beijing have reached their lowest value since April 2017, when they peaked, yielding 18.5% of their value.

Since July 2019, real estate prices in first-tier cities have started to decline, with the exception of Shenzhen, where the trend has continued in its positive trajectory.

Beijing, Shanghai and Guangzhou, on the other hand, recorded losses.

Housing data in Shenzhen is expected to have a positive impact on other tier one cities.

Under the “housing is for living in and not for speculation” policy, house prices in some second, third and fourth tier cities have generally remained stable, with a slight decline, reducing the burden of buying houses for residents, according to the report.

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With a clearer policy and less price fluctuation, the housing market is unlikely to see a dramatic increase in prices at the start of the new year.