Beijing sees declining prices of new residential apartments
Updated: 2011-09-16 17:36
(Xinhua)
|
|||||||||||
BEIJING - Beijing has seen a 6.6-percent decrease in the price of new apartments over the past eight months, according to statistics released by the Beijing Real Estate Association on Sept 16.
From January to August, the average price of a residential apartment in Beijing was 13,874 yuan ($2,172) per square meter, which is a 6.6-percent decrease compared to the average price of 14,847 yuan in 2010, the statistics show.
The trend of declining housing prices in Beijing is being attributed to the government's strengthened purchase-control limitations that are intended to serve as a disincentive for those who purchase homes for investment purposes only, said Chen Zhi, deputy secretary-general of Beijing Real Estate Association.
In August, first-time apartment purchasers made up 90 percent of all buyers. Moreover, housing prices of over 97 percent of apartments for sale are no higher than the figure in July.
Last year, prices of homes sold in Beijing increased by 11.5 percent year-on-year, according to the Beijing Municipal Bureau of Statistics.
But in an attempt to cool the overheated property market, the city mapped out an ambitious price control target in March.
If Beijing maintains its control on real estate market, it's expected to successfully cool home prices, Chen said.
Related Stories
Vanishing autumn property boom signals price decline 2011-09-16 15:40
Property prices will fall in next 12 months, HK developer Lo predicts 2011-09-14 10:53
Banks warned of risks in commercial property 2011-09-13 15:07
Property prices in top cities remain flat 2011-08-19 08:55
- Outstanding foreign debt climbs to $642.5b
- Standard for "high pure gold" set
- Vanishing property boom signals price decline
- China raises bar for fuel-saving car subsidies
- Huawei eyes enterprise deals
- China to curb chemical plants
- China extending pension program to countryside
- Fosun, PFI form insurance JV