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Tianjin's 2nd-hand apartment sales down 34.8% in 2011

Jan. 4, 2012 (China Knowledge) - Tianjin, one of the four Chinese municipalities directly under China's central government, saw 45,922 2nd-hand residential properties change hands in 2011, reflecting a year-on-year decline of 34.8%, according to statistics released by the Bureau of Land Resources and Housing Management of Tianjin.

The decline was higher than 32.8% Tianjin realized in 2010.

The city's second-hand residential property sales stood at more than 60,000 units in 2006, nearly 60,000 units in 2007, over 30,000 units in 2008, over tripped to 100,000 units in 2009 and around 70,000 units in 2010.    

The average price of 2nd-hand apartments doubled from almost RMB 4,000 per square meter in 2006 to nearly RMB 8,000 per sq m in 2011.

In December 2011 alone, Tianjin sold 3,006 2nd-hand residential properties, reflecting a sequential increase of 1.86%. Sales area, however, declined 2.19% month on month to 230,000 sq m. The average sales price amounted to RMB 7,711 per sq m, up 2.28% from a month earlier.

Approximately 40.4% of the city's 2nd-hand apartment buyers paid in full last month, while 27% in commercial loans, 19% in personal housing fund accumulated loans and the remaining 13.5% in both kinds of loans, according to a report from a Chinese property research institute.

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