A home-buyer watches a residence model in Guangzhou. Residential property prices fell an average of 5,230 yuan per square meter last month in Tianhe district, a business center in the city.
Guangzhou real estate prices have continued to drop, adding to the steep plunge in property prices in January.
Guangzhou commercial housing transaction data shows about ten new projects are promoting prices of 9,303 yuan per square meter, a drop from January. And transaction volume is only at 231，000 square meters, down almost 70 percent, compared with the same period last year.
For example, the average price for commercial apartments in Tianhe district now stands at 10,385 yuan per square meter, compared with 15,615 yuan per square meter in January, a drop of 33.5 percent.
Most home buyers are taking a wait-and-see attitude. Property developers are also slowing down their selling pace, hoping to avoid the downturn in prices. They are expected to focus their promotions in the months of April and May. In line with the downturn in the market, newly-approved, unfinished commercial housing also shrank by a big margin last month.
Meanwhile, the average price of residential properties in other districts of Liwan, Baiyun, Yuexiu, Haizhu, Huangpu, Luogang and Panyu also saw a drop in February, according to statistics from the Guangzhou Land Resources and Housing Management Bureau.
However, Chen Wencai, a Guangzhou resident, said the city's residential property prices are still "very high", which has kept many locals from purchasing their own homes just yet.
"I believe the fall in the property prices will continue in Guangzhou this year," Chen told China Daily on Friday.
The white-collar worker predicted that the average price of the city's residential homes will drop to no more than 8,000 yuan a square meter by the end of the year.
Li Wenjiang, an analyst with the Guangzhou-based Hopefluent Group Holding's Ltd, predicted that the over-heated real estate market is expected to return to normal this year.
(编辑： 方娟静 )