Beijing's Dec property sales to reach record high in 2012

Beijing's property sales in December are expected to reach a record high in 2012, real estate service provider Century 21st said in a report on Friday.

Sales of new homes in December may increase 12.6 percent month-on-month, while sales of pre-owned homes are expected to be up 22.5 percent month-on-month.

The two figures will be a record high this year, the report said.

Zhang Lei, analyst with Century 21st, said that property sales and prices may both climb further next year, adding that the strong rebound in December could be an overdrawn for next year.

The local statistics bureau said that from January to November, the transaction volume of commodity residential property sales in Beijing was about 11.79 million square meters, up 52.73 percent year-on-year, and a robust growth from a low base in 2011.