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Beijing's property transaction for Jan hits 38-month low

Feb. 2, 2012 (China Knowledge) - Beijing saw 2,934 residential properties changed hands in January 2012, the lowest transacted volume in the past 38 months since November 2008, according to the Beijing Municipal Commission of Housing and Urban-Rural Development.

With an average price of RMB 21,140 per square meter, the sales volume for January surged 77.3% from a month earlier but plunged 87.5% year on year.

In August 2011, the city's average price of used residential property dropped to RMB 23,483 per sq m and continued declining to RMB 22,728 per sq m in September, RMB 22,108 per sq m in October, RMB 22,018 per sq m in November and RMB 21,477 per sq m in December, said a Chinese real estate research institution.

In the new residential market segment, only 4,435 apartments, including units for low-income families, were sold in January 2012, the lowest in the past 47 months, sources reported.

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