Chinese capital Beijing’s second-hand home transactions picked up to approach key 15,000 mark, prices fell further
DATA REAL ESTATE
Chinese capital Beijing’s second-hand home transactions picked up to approach key 15,000 mark, prices fell further
DATA REAL ESTATE

Chinese capital Beijing’s second-hand home transactions picked up to approach key 15,000 mark, prices fell further

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

China’s capital city Beijing saw second-hand home transactions pick up in March after a series of measures to relax property curbs, but home prices continued to decline, indicating the housing market remained under pressure.

Second-hand transaction volume in Beijing reached 14,280 units in March, according to data from the municipal housing authority, approaching 15,000 units, which is seen by the industry as a line separating recession and prosperity.

The transaction volume surged 125.5% from the previous month when China has a week-long Spring Festival holiday, but declined by 35.7% from the same period last year, showed the data.

Notably, after the holiday, the proportion of the transaction of apartments priced below 5 million yuan has increased significantly, and in the the second-hand home market, a pattern has emerged that more price-sensitive rigid home demand picked up first, said analysts. 

However, despite the pick-up in transaction volume, the average listing price continued to decline, with fall prices remaining the main trend, said industry insiders. 

The housing market is currently a buyer’s’ market with supply exceeding demand and home buyers have more options, while homeowners need to make greater price reduction reach deals, with biggest price negotiation space for second-hand home transactions, they said.