MKS sports North China's Shanxi Province, on June 17, 2024. Photo: VCG" src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-10-07/442ba965-0c67-403d-b2ce-1e10be2bfba6.jpeg" />

People view the sandbox model of a real estate project in Taiyuan, North China's Shanxi Province, on June 17, 2024. Photo: VCG

China's real estate market shows signs of stabilization amid policy support, said an official with the National Bureau of Statistics (NBS) on Friday, citing statistical data for the first nine months.

Recent data indicates a slight narrowing in the decline of real estate development investment from January to September, compared with the January to August period, Sheng Laiyun, deputy head of the NBS, told a press conference.

Notably, the decrease of floor area transaction in new residential projects has improved by 1.9 percentage points from the first half of the year, marking four consecutive months of positive momentum. The sales revenue from new homes has shown a reduced decline for five straight months, Sheng said.

"With the introduction and implementation of a comprehensive set of real estate policies, we hold an optimistic outlook for the future of the real estate market," said Sheng. 

Recent surveys conducted by the NBS among real estate developers and agencies in 70 major cities reveal a significant uptick in optimism among industry professionals.

In September, sentiment among new home industry professionals improved by 10 percentage points compared to the previous month, while the outlook for second-hand homes rose by 6.5 percentage points. 

Preliminary statistics from various market institutions also indicated a remarkable surge in transactions during the recent National Day holidays, with floor area transaction of new home increasing by an impressive 102 percent and second-hand home soaring by 205 percent.

China's real estate market is showing a potential bottoming out and a trend toward stabilization, Yan Yuejin, vice president at the Shanghai-based E-house China R&D Institute, told the Global Times on Friday, noting that relevant indicators are expected to show significant improvement in October.