The average transaction prices of resale properties in Beijing climbed 14 percent year-on-year to RMB27,253 psm in 2010, according to a report.
However, only 212,466 resale properties were sold in Beijing in 2010, down 27 percent from 278,120 units sold in 2009, since the central government implemented new measures to curb the red-hot property market.
The November 2010 average transaction prices and sales volumes of resale properties dropped 0.1 percent and 14 percent respectively, as the government’s cooling measures to curb prices had little effect.
For the first time, the average transaction price of resale properties has exceeded that of new properties, and the growth is expected to continue in the future due to the continuous shortage of land allocated for developments.