Second-hand housing transaction rebounds in Beijing

The transaction volume of second-hand housing in Beijing rebounded with expanded bargaining space month-on-month after the Spring Festival holiday, Securities Daily reported on Thursday.

In the 8th week of 2024, which lasted from Feb 19 to 25, the second-hand residential housing transactions in 12 cities all rebounded from the previous week among the key monitored cities, according to data from Zhuge Real Estate Data Research Center.

Beijing led the increase with the second-hand residential housing transactions reaching 1,831 sets in that week, up more than 1,700 sets from the previous week.

The recovery of second-hand housing transactions in other cities such as Shanghai and Chengdu, Sichuan province is also more obvious as the increase in transactions exceeded 2,000 sets in both cities this week.

In February, the second-hand housing bargaining space expanded by 0.9 percentage points compared with January, according to data from Maitian Real Estate Agency Co Ltd.

In terms of price, the current average transaction price has entered a stable stage and, with the gradual recovery of the market after the holiday, it will remain stable in the short term, said Leng Hui, analyst from Beijing Lianjia Research Institute.

In the long run, with the deep adjustment of housing prices and the gradual reduction of housing costs, potential housing demand will also be gradually released, Leng added.