GBA sees uptick in new home sales for 2024

New home sales in the Greater Bay Area are projected to increase by 5% this year compared to 2023, influenced by enhanced transportation networks and more favorable housing policies, according to Cushman & Wakefield. The real estate firm anticipates approximately 400,000 new home transactions in 2024. Recent policy changes in Guangzhou and Shenzhen, such as lower down-payment ratios for first-time buyers and extended benefits, aim to boost market confidence and stabilize residential property prices in the first half of the year.