Shanghai Real Estate News
Home >Shanghai Real Estate NewsShanghai''s housing deals dive
Update：2013-12-10 00:56 Views：
HOME transactions have remained lukewarm in Beijing since its government launched a series of policies to limit purchases on February 16 to help cap soaring housing prices.Over 270,000 new homes changed hands in the first quarter of this year, a tumble of nearly 40 percent from the fourth quarter of last year, according to latest statistics from the city's real estate trading management network.
The transaction volume was also the lowest for first quarters over the past three years.
According to Beijing Home-Like House, only 5,500 new homes, or 25 percent of the new home purchases in the first quarter, were traded from February 17 to March 31.
In March alone, nearly 5,000 homes under construction were sold, down 44 percent from the same month of last year.
Last month also saw 11,102 second-hand apartments transacted, a plunge of 50 percent annually, according to 21 Century Real Estate. The year-on-year decline in second-hand home purchases was the biggest in Tongzhou District, up to 80 percent.
Lin Lei, who is in charge of marketing with 21 Century, said that existing home prices remained largely unchanged. However, if restriction policies were enforced strictly, home prices in Beijing may fall at the end of the second quarter.
The capital's new limits prohibit new home purchases by Beijing families who own two or more apartments and non-Beijing registered families who own at least one apartment.
Non-Beijing registered families are also banned from buying apartments if they have no residence permit or documents to show that members of the family have been paying social security or income tax for five straight years.
Beijing is determined to stabilize or lower new home prices this year.
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