Homebuyer confidence growing

Market confidence and transactions have been boosted after the central and local governments announced a string of supportive measures to stabilize the property market in recent months. In addition, industry experts suggested more fine-tuning is in the pipeline to promote the stable and healthy development of the nation's real estate market.

In major Chinese cities, some indicators signal a turning point in the home market, such as shrinking residential property inventories, more active land supply and trading, and more visits from potential homebuyers.

Experts believe that China's property market has shown signs of bottoming out after three years of adjustments.

"Since the end of September, we've noticed a significant increase in both visits to new projects and signing of sale contracts, and transactions on pre-owned homes have also gone up," said Minister of Housing and Urban-Rural Development Ni Hong during a State Council Information Office news conference on October 17.

"Regulated by a series of policies, China's real estate market has started bottoming out after three years of adjustment," Ni added.

James Macdonald, head of Savills Research China, welcomed the latest policies.

He said they "not only provide broader support for the real estate sector, but also aim to boost the overall economy".

"These policies are crucial for instilling household confidence in job security and encouraging homebuying decisions," Macdonald said.

According to him, over the past two years, various measures have been introduced to support the residential market, mainly at the margins.