The influence of COVID-19 epidemic on Suzhou housing market and its reasons

Hello, I'd like to ask about the influence of COVID-19 epidemic on Suzhou housing market and its cause analysis. The impact of COVID-19 epidemic on Suzhou housing market is as follows:

1. Decline in transaction volume: During the epidemic period, some real estate agents and developers in Suzhou were unable to carry out normal business activities due to limited personnel mobility, and citizens' willingness to buy houses declined, resulting in a significant decline in real estate transaction volume.

2. Fluctuation of house prices: Affected by the epidemic, some enterprises in Suzhou reduced their recruitment, some migrants left, and the relationship between supply and demand in the housing rental market changed, which led to fluctuations in the housing sales market and downward adjustment of some real estate prices.

3. Limited supply side: During the epidemic period, large-scale real estate projects in Suzhou encountered construction difficulties, delayed entry and delivery, resulting in limited supply side of houses.

4. Tightening financing environment: affected by the epidemic, the approval criteria for bank loans are stricter, the mortgage interest rate is slightly raised, and the financing environment for buyers is more difficult. In a word, the shutdown caused by COVID-19 epidemic, the restrictions on people's travel and the change of consumption concept have all had a certain impact on Suzhou housing market. However, the overall real estate market in Suzhou is stable and good, and the market demand is still large. With the gradual control of the epidemic and economic recovery, its impact on Suzhou housing market is gradually weakening.