China’s property price growth rates are set to slow and the trend will continue in the coming years, an industry expert said on Dec 6.

“Property prices are now approaching the peak just as in the US in 2005,” said Nie Meisheng, former chairman of China Real Estate Chamber of Commerce, at the Ping An Real Estate and Financial Innovation forum in Shenzhen.

“It is irrational that property prices will continue to pick up while the overall economic growth is slowing down,” Nie said.

“Bubbles do exist in some cities, especially in some second-tier cities with too much supply, but the overall market hasn’t seen a bubble yet,” Nie said.

Average home prices in 100 major cities monitored by the China Index Academy rose 0.68 percent month-on-month to 10,758 yuan ($1,707) per square meter in November, the 18th consecutive increase since June 2012.

The growth rate, however, was down 0.56 percentage points, the academy said.