Beijing property sales down 36%

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The full month results are in:

Legal Evening News (reporter Zhang Ting) “Legal Evening News” reporter learned that, after September 30 market regulation introduced the New Deal, the real estate market is rapidly transferred to the hot and cold.Agency data show that in October 2016, the city’s second-hand housing net signed volume fell 3 percent last month. The actual trading volume is also in decline.

According to Albert I love my home market Institute statistics Group, in October 2016, the Beijing city’s second-hand housing a total net signed 19291 units, compared with the same period fell by 30.1% in September. In addition to net signed data, the actual trading volume in the secondary market also fell.

New house connection, in October the city of new commodity housing (excluding affordable housing) volume of 8800 units, the chain fell 35.9% in September over the same period; average transaction price was 34,798 yuan / square meter, down 2.8% compared with the same period in September; turnover of 338.18 billion, a decrease of 27.3% over the same period in September, October, Beijing new home market has shown a trend of volume and price down.

“Legal Evening News” reporter learned that, in September, in addition to owner-occupied housing, Beijing all kinds of new house trading volume showed a rising trend; October is just the opposite, in addition to owner-occupied housing, all kinds of trading volume of new homes have declined . As of 29 apartments products in October trading volume of 5100 units, compared with September, the whole month fell more than 4 percent. Ordinary residential turnover of 2367 units, compared with September, the whole month fell by nearly 50%; turnover of 863 villa units, compared with September, the whole month fell 2.8%.

“Since the New Deal regulation efforts, second-hand housing market will soon have a reaction, whether it is the amount of net signed or the actual signing of the amount of data have emerged overall decline.” Albert I love my family group vice president Hu Jinghui, analysis, net signed volume decline, indicating that the New Deal, September has signed a contract for the sale of a part of customer defaults occur, the phenomenon canceled purchase plans; but the decline was smaller, indicating non-compliance are not many customers, most customers chose to continue compliance . The actual signing of the contract of sale in October significantly reduced amount, then the search is still more customers into watching, delayed the purchase plan, affected by the amount of net signed in November will continue to fall sharply.

House prices in October Beijing second-hand housing prices stabilize significantly, the owners no longer raising the price of the end, some anxious selling replacement or anxious to use the money the owners began to take the lower offer, is expected to house prices in November Beijing housing prices rose too fast early part of the region, and large size home prices will appear.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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