The Yahao Real Estate Selling and Consulting Solution Agency recently released statistics on the Beijing housing market. According to those statistics, in January 2014, there were a total of 6,908 transactions in the Beijing real estate market. These properties covered 744,200 square meters. In terms of the number of transactions and the total square meters of the properties involved in the transactions, the figures represented a 40 to 50 percent drop compared to December 2013 and to the same period in January 2013.
At the same time, at 6,908, the number of transactions for January 2014 was the second lowest in the almost nine years since 2006 when transactions started to be posted online to increase transparency in the housing market.
The China Index Academy monitored the January real estate transactions in 43 major cities and found that over 90 percent of these cities saw a decline from December 2013 in the total number of transactions. Bangbu was hit the hardest with a 56.78 percent decline, followed by Dalian’s with a 53.11 percent decline. The number of transactions in Shenzhen dropped by 44.4 percent, Beijing by 36.8 percent and Shanghai by 30.65 percent.
Source: Beijing Times reprinted by Huanqiu, February 23, 2014