In November, home prices fell across China in 49 of 70 cities like Beijing, Shanghai, Nanjing and Jiangsu. In Sanya, home prices first dropped with a 0.2% since July this year, according to a report released by the National Bureau of Statistics on Friday.
It's a significant blow to developers that have experienced years of prosperous growth in the coastal city of Sanya.
Besides, the nationwide declines of home prices also affected the prospect of second-hand markets. In November, 51 out of the 70 cities saw prices for second-hand homes drop, 13 more than October. Among them, Sanya saw 0.9% decline in its second-hand home prices last month.
As recent government policies are restricting potential buyers from purchasing their second and third home in Sanya, the city is expected to witness widely sluggish in home prices in 2012.
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