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The property market in Beijing has experienced a resurgence since the end of last month, with several new housing developments nearly selling out. Approximately half of the 13 projects introduced or expanded since March 20 have sold over 40% of their units, with some exceeding 80%. Most homes are priced between 4.5 million and 5.5 million CNY (roughly $660,050 to $806,740).
Projects like Future City · Star Universe Era and Guoxianfu PARK, launched in Changping district on March 29, achieved impressive sales within the first two weeks—selling 91% and 83% of available units, respectively. Such swift sales rates are uncommon for newly launched projects.
An industry insider noted that since late March, nearly all newly introduced projects in Beijing have shown strong sales performance. Buyers are especially interested in properties with lower prices, smaller shared spaces, and higher design standards, the source added.
As of April 13, more than 3,711 new homes have been sold this month compared to 3,552 in March, according to data from the Beijing Municipal Commission of Housing and Urban-Rural Development. However, some of April’s sales figures may be skewed due to the concentrated signing of recent relocation housing projects, suggesting actual transaction numbers are likely lower, explained Guo Yi, chief analyst at Heshuo Institution.
Relocation housing refers to new homes constructed by the government or developers at or near original sites to resettle residents displaced by urban renewal and demolition.
Since the Chinese New Year holiday in February, some new projects have attracted strong interest from regular buyers, thanks to features like excellent public transit, mature surrounding amenities, and affordable pricing, Guo observed.
Many of the recently popular new developments in Beijing are priced around 4 million CNY, making them accessible to average homebuyers, said Fan Yijie, a senior analyst at the China Index Academy. These homes are often located in communities with established commercial facilities or areas experiencing rapid growth. Developers are offering various discounts, which further incentivizes purchases.
Historically, homes priced between 4 million and 6 million CNY were often situated in less developed areas with limited amenities. However, newer projects launched this year are situated in more desirable locations, prompting buyers to seek improved living conditions, according to Ding Zuyu, co-chair of CRIC.
The positive effects of Beijing’s new real estate policies introduced in December continue to influence the market. With new projects offering quality housing options and the traditional peak season approaching, industry experts expect sales to further rebound this quarter.
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