Beijing's second hand housing prices start to decline

16:07, April 28, 2010      

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In the first week (April 19 to 25) after China's State Council released new policies to curb housing price hike, both new and second hand housing transactions have fell over 30 percent compared the previous week, and signs for lower housing prices have emerged.

Analysts expected that real estate would fall into the downturn in the next 2 to 3 months. Most of speculators will quit the property market, meanwhile which would lead the rigid demand into the wait-and-see situation.

The second housing in Beijing transacted 7319 units last week, amid it, housing transactions reached 6823 units with daily average of 975 units, falling 31 percent compared with the previous month, according to the data from

New commercial housing has fallen for 3 weeks on daily average transactions, declining 31.79 percent; at the same time, sales rate of new real estate had also dropped to 12.1 percent since April this year, however, sales rate of forward delivery housing was 37.8 percent in March. Supply of new houses was also cold, only 6 resident estates gained the certificate of expected-sales. By April 25, Beijing's tradable forward delivery housing declined 1.35 percent compared with the previous month.

Before the launching of the State Council's new policies, people who want to sell their houses stick to high prices, but some are ready to lower the prices. Falling transactions and increasing second hand housing supply are giving a relief to Beijing's second housing market.

However, new housing prices remained high. In May, overall average prices of new estates reach 28,520 yuan per meter, increasing obviously compared with average prices of new houses, 21, 058 yuan per meter, in early April.

People's Daily Online


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