Beijing Apartments price overview

In Beijing apartments market, the continuing decline in transaction volumes resulting from the persistent “wait-and-see” attitudes among many property purchasers and investors, coupled with the Lehman Brothers’ collapse in September 2008, dragged down the housing prices, with house price indexes tracked by the National Bureau of Statistics and The Beijing Statistics Bureau registering a negative m-o-m growth over six consecutive months, from September 2008 to February 2009. Notwithstanding this, favourable housing policies and easy access to housing loans for mortgagers triggered more buying activity, resurrecting the up-trend of housing prices from February 2009; and the later investment activities, underpinned by optimistic property market outlook, have gradually pushed the price higher in mid-09. According to the Beijing Real Estate Transaction Management Centre, the average transaction price soared to RMB13,302 psm in June, up 27% from the price of RMB10,438 psm in January. Incentives such as discounts and promotions offered by developers before the Chinese Spring Festival were gradually replaced by rising prices in late 1H09, which weighed in as an important factor contributing to the overall price increase. This can be underpinned by increasing sales areas and revenues by several real estate developer giants in Beijing, such as Vanke, Poly, China Overseas, and Greentown.
update time：2012-2-4