RICS Global RE Weekly: Property Market in China Shows Signs of Bottoming

Royal Institution of Chartered Surveyors
2009-05-08 18:27 551

HONG KONG, May 8 /PRNewswire-Asia/ -- Further evidence that the Chinese economy is showing renewed signs of life has been provided by the latest run of PMI surveys (relating to March). The official (NBS) index climbed to its best level since April 2008 while the CLSA index moved back into positive territory for the first time since July last year. Significantly, the sub-indexes for key components including new orders and employment also climbed above 50 (signalling expansion). Following on from this more encouraging news, data on urban investment (Tuesday 12th), and retail sales and industrial production (Wednesday 13th) will be closely watched.

Rebound in permits won't push up Canadian house prices

The next snapshot on the Canadian housing market will be the house price index for March, to be released on Monday 11th. Further falls in house prices are expected. Although GDP fell sharply in December and January, the pace of declines moderated in February with a 0.1% m/m fall.

Rental declines to accelerate for UK business property

Data on the state of the UK commercial property market is due on Friday 15th when the IPD publish their results for April. Recent months have seen an easing in the pace of price falls with monthly declines at around 3% in March, compared to more than 5% in December 08.

Portuguese house prices to fall further

Official Portuguese house price data for Q1 2009 was released on Thursday 28th. House prices fell by 0.3% on the quarter resulting in a slight improvement in the annual growth rate to -5.8% (compared to -6.4% in the previous quarter).

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Source: Royal Institution of Chartered Surveyors