2012-02-06

Beijing third ring homes fall through the 20,000 yuan level

北京房主绷不住 三环沿线二手房价跌破两万 (Third ring secondhand home prices fall below 20,000 yuan)

Price declines are hitting second hand homes in the third ring now. Last year, buyers were looking for homes that cost 1.7 million, but the new ceiling is 1.6 million. Buyers call real estate agents and ask if there have been price reductions, they are in bargain hunting mode. Some prices are down 100,000 to 200,000 yuan just since the Spring Festival. Centaline says Beijing secondhand home prices fell 6.6% from December 2011, and are down 16% from January 2011.

In the previous post, on Beijing home prices, I discussed new home prices in the fourth ring. They were relatively stable, but the fourth ring is a large area. This news item shows that there are cracks within the area. Also, this article mentions the suburbs of Tongzhou and Daxing. Secondhand home prices are down to less than 14,000 per sqm, well below the 20,000 yuan average price for new developments in Daxing.

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