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Beijing's new home price down 14.6% Y-O-Y in Q1

Apr. 6, 2012 (China Knowledge) - The average sales price of new homes in Beijing was RMB 18,626 per square meter in the first quarter of this year, down 14.6% year on year or 7.3% from RMB 20,098 per sq m in the fourth quarter, according to figures from Centaline Property.

Official statistics showed that Beijing's sales of new homes reached 18,072 units in the first three months, reflecting the lowest level in four years.

The combined sales of the top 20 residential developments in terms of transaction volume were 3,698 units during the period, and their average sales price was only RMB 14,741 per sq m, 20.9% lower than the city's average.

Industry insiders said that there is still room for property prices to fall, while transaction volume may rebound because of easing credit condition for the purchase of first homes.

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