China property market heating back up?

China home sales are increasing steadily now that the government has let loose of its property cooling measures…

It has been reported that thousands of people in Beijing waiting in lines last weekend simply to buy a house, indicating that the property market in China is heating up.

According to the China Index Research Institute, the property markets in various cities are growing and growing. Among 30 cities that are monitored, there was a surge in 17 of them in November. Also, it has been noted that there is an increase in housing prices in 100 Chinese cities when compared to October.

Beiing and Shanghai have seen an increase in home sales in the last week alone. Beijing boasted a 15 percent surge and in Shanghai, home prices were reported to hit a 29 week high. It seems that many people are chomping at the bits to take advantage of low home prices and a strong, growing economy.

Compared to the housing conditions in 2008, the demand is significantly more now. The economy was not as strong back then but has become stronger and more stable, thus, inviting people to purchase homes with more confidence.

Along with a secure economy, experts report that the increasing inflation as well as the appreciating yuan have helped strengthen both the economy and the property market.

With the Consumer Price index rising 4.4 percent in October and its currency reform launched in June, currency has appreciated 3 percent when compared to the US dollar. It seems that China's property market will be profitable in this upcoming year.