Mainland September Property Prices Fall 2.8% Year-on-Year, Narrowing Trend Continues
SingTao · 2 SOURCESabout 3 hours ago2 MIN
Summary
Mainland China's 70 major cities recorded a 2.8% year-on-year decline in new residential property prices for September 2026, representing the slowest pace of decline this year and marking a 0.2 percentage point improvement from August's figure . Reuters calculations based on data released by the National Bureau of Statistics showed that on a month-on-month basis, prices fell by 0.1%, unchanged from the previous month . First-tier cities bucked the trend with a 0.1% month-on-month increase, while 17 of the 70 cities saw price rises, two more than in August .
Key Points
- September 2026 new residential price index for 70 major cities fell 2.8% year-on-year, narrowing from August's decline by 0.2 percentage points
- Month-on-month prices declined 0.1% in September, the same rate as August, indicating stabilising downward pressure
- First-tier cities (Shanghai, Guangzhou, Shenzhen) saw month-on-month increases of 0.2% to 0.3%, while Beijing fell 0.2%
- Year-on-year, first-tier city prices fell 0.5% with Shenzhen, Guangzhou and Beijing down 1% to 2.7%, while Shanghai rose 2.8%
- Second-tier city prices were flat month-on-month, while third-tier cities maintained a 0.2% monthly decline
- 17 of the 70 major cities recorded price increases in September, up by two cities from the previous month
Why It Matters
The continued narrowing of year-on-year price declines across all city tiers, coupled with the growing number of cities seeing price increases, suggests mainland China's property market may be finding a floor after years of downturn . For Hong Kong, where property developers have significant mainland exposure, any sustained stabilisation in first-tier city prices could ease pressure on balance sheets and boost investor sentiment towards the sector .
The continued narrowing of year-on-year price declines across all city tiers, coupled with the growing number of cities seeing price increases, suggests mainland China's property market may be finding a floor after years of downturn . For Hong Kong, where property developers have significant mainland exposure, any sustained stabilisation in first-tier city prices could ease pressure on balance sheets and boost investor sentiment towards the sector .