Beijing is once again seeing an increase in sales of luxury homes. After imposing drastic measures to rein in house prices amid concerns of an overheated economy, Beijing is once again seeing an increase in sales of luxury homes.

According to local real estate consulting agencies, upscale housing in the Chinese capital has seen a sharp increase in sales in November, driven by appetite from foreign buyers and relatively cheap loans.

Sales in Beijing luxury home sector rise

Four hundred and twelve units of high-end houses, mainly villas priced at about RMB50,000 (US$7,948) per square metre, were sold in November, up 52% year-on-year and 84.8% month-on-month, according to Beijing-based Yahao Real Estate. This marks the sector’s largest sales volume in Beijing since April 2010.

In addition, total turnover amounted to RMB3.5 billion (US$477 million), up 47.3% from last year, according to a private research centre.

Motivated by the good results, many developers are mulling a markup of prices by upgrading their new houses, especially those around prime sites, said many industry insiders.

Beijing is one of the first Chinese cities that imposed a raft of measures to rein in housing prices since April 2012. The Chinese government has repeatedly reiterated its stance on controlling its red-hot property market, and vowed to keep measures in place.

But despite the restrictive measures and this year’s grim economic conditions, the country’s overall real estate market is showing signs of recovery. And luxury housing attracted particularly strong demand because enterprises tend to make safer investments and put their money into villas that hold value, as the real economy is taking the brunt of a global slowdown, said a deputy manager from Yahao Real Estate.

By Rodel Ambas Jr

10 December 2012

Source: Live Trading News

See the original post –  Sales in Beijing luxury home sector rise

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

LiVE Exchange’s criteria to take effect from March 31 to enhance SMEs and Startups

Table of Contents Hide Criteria for listing and being listed company Criteria…

Myanmar: TotalEnergies Endorses Targeted Sanctions

Since overthrowing the democratically elected government on February 1, 2021, Myanmar’s military has carried out nationwide crackdowns on anti-junta protesters, activists, journalists, and the political opposition, killing more than 1,400 people and amounting to crimes against humanity.

Sanctions against Russia should not derail Thailand’s economic recovery says BoT

The effects of sanctions against Russia should not derail the overall economic recovery path said the Bank of Thailand in its latest issue of the minutes of the Monetary Policy Committee Meeting.