The real estate market in beijing was divided at a time when the new deal for the city of 517 was being implemented. The second-hand house market showed signs of recovery and the buyer accelerated the pace of house purchases and the market was expected to pick up. In contrast, the market for new houses is somewhat calm, and despite an increase in the number of visitors to some projects, netting data has not improved significantly, with a strong consumer-to-purchase mentality and intense competition among major developers, with price reduction strategies to stimulate sales。
It is worth noting that, in recent times, many of china's “buildings” in beijing have become the focus of the market because of reduced prices, with some projects opening at prices well below the steering price, and some even introducing substantial special-price housing concessions, trying to attract home buyers through price advantages. This phenomenon is particularly prevalent in the south city of beijing, where many housing enterprises have joined the price reduction and are seeking to improve their sales performance through price wars。
Intra-industry sources point to the fact that the real estate market is still under adjustment pressure and that there is an urgent need for market warming in the core cities to bring about the restoration of overall confidence. In response to the beijing market, it was recommended that the implementation of the 17 may new deal measures be accelerated, including a reduction in the down payment rate and in the interest rate on housing. Using the shanghai model, reducing the down payment for the first flat to 20 per cent and the lowest interest rate for mortgages to 3. 5 per cent would have a significant positive impact on market confidence and boost the recovery in trade。
As a special case in a front-line city, beijing has yet to fully implement a housing market policy that lowers down payments and interest rates, leading to special phenomena in the new housing market, such as a substantial price reduction by developers to attract buyers. For example, the price of some of the special-priced housing introduced by the china-china psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia psychia ps psychia psygma ps psy and psyco psyco ps, which are much lower than market-psyco psycs, which are high. However, such extreme promotions were subsequently suspended, and project pricing is in the process of being adjusted, with a specific sale price to be determined。
Overall, the real estate market in beijing is still in the reconstruction phase. According to official data, during the first five months of 2024, the area sold for the new house in beijing fell by more than 10 per cent each year, and prices also showed a general pattern, with prices for both the new house and the second-hand room showing a decline in the ring and the same year. The analysis found that the price reduction in the new housing market was associated with the decline in second-hand house prices, which had a certain impact on the market. Despite this, the trade in second-hand houses in beijing has remained relatively stable, showing a degree of market resilience, thanks mainly to the willingness of vendors to sell at reduced prices, which has resulted in higher value for money。
There was general agreement among experts and institutions that beijing should consider further adjustments to relevant policies, such as lower down payment rates, interest rates on mortgages and the easing of eligibility restrictions for home purchases, in order to stimulate market demand and promote stable and healthy market development. Markets generally expect policies to land as quickly as possible in order to boost market confidence and boost the recovery of transactions。
