Zhuhai’s proximity to Hong Kong and Macau should make it one of the best-performing property markets in Greater Bay Area
- Zhuhai tops the list with price gains of 1.8 per cent since February, closely followed by Dongguan at 1.7 per cent
- But Shenzhen outstrips all other Greater Bay Area cities on the mainland with property price growth of 74 per cent over the past five years
Zhuhai, one of the two destinations of the world’s longest sea bridge from Hong Kong, has the biggest potential upside for homebuyers out of the nine mainland Chinese cities that form the Greater Bay Area, according to Hong Kong-based Real Estate Foresight.
Although new home price growth in Zhuhai was one of the weakest in the bay area cities over the past 12 months, it has outperformed the rest in sales transactions in the same period, the research firm said.
The bridge connecting the city to Hong Kong has been a catalyst for surging sales in districts close to the newly opened infrastructure, according to the consultancy CRIC.
The Greater Bay Area refers to the Chinese government’s scheme to link the cities of Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an integrated economic and business hub.
The forecast is not without merit. In April, new home prices in Zhuhai rose 1.9 per cent, beating all other bay area cities, while it ranked third overall among 100 Chinese cities monitored by SouFun, the data provider for Foresight.