Beijing’s Pre-Owned Home Sales Stall Amid Cooling Real Estate Market
Sun Mengfan
DATE:  Nov 17 2022
/ SOURCE:  Yicai
Beijing’s Pre-Owned Home Sales Stall Amid Cooling Real Estate Market Beijing’s Pre-Owned Home Sales Stall Amid Cooling Real Estate Market

(Yicai Global) Nov. 17 -- Beijing’s second-hand housing market, which is still the best performing in the country, has seen a slowdown in sales amid a downturn in the market and as those willing to buy tend to opt for new homes instead.

Although sales of second-hand properties in Beijing have been on the rise since June, growth is slowing, a realtor told Yicai Global.

A number of new housing projects have come onto the market recently, and more people are choosing to buy a new home, rather than a pre-owned one, he said.

A relaxation in real estate curbs has also made it easier for people who wish to move home to upgrade to a new one. This has resulted in more second-hand properties coming on the market.

Some homeowners are also selling their properties to raise money. A number of luxury properties worth more than CNY10 million (USD1.4 million) each have come on the market in the past week, according to online realtor Beike Zhaofang.

There are 101,767 second-hand properties for sale on Lianjia’s platform, the Beijing-based real estate agency said. But there are more properties archived, so the real number could be closer to 130,000, industry insiders said.

The price of pre-owned homes in Beijing edged up 0.19 percent in October from the previous month, according to the China Index Academy. But in other first-tier cities, including Shanghai, Guangzhou, and Shenzhen, prices fell.

There is adequate supply of used housing in major cities such as Beijing and Shanghai, but the price of homes built before the year 2000 is under pressure, according to a report by data cruncher China Real Estate Information.

Editors: Shi Yi, Kim Taylor

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Keywords:   Beijing,Real Estate