Jul. 25, 2024
Beijing Real Estate Market Sees 40% Surge in Online Registrations Following Accomodative Policies
TMTPOST--Beijing's real estate market has experienced a notable upswing since the implementation of what has been described as the "most significant new policy" on June 30. Nearly a month after its introduction, new home sales in the city have surged, with recent data indicating a 40% increase in online registrations for new properties compared to the period before the policy took effect. The influx of visits to new residential projects has risen substantially, with some popular developments showing an increase of over 40%. Not only has there been a boost in project visits, but online registrations have also remained robust. On the first weekend following the policy's announcement, new home registrations in Beijing soared to 720 units, a dramatic 140% rise from the 300 units registered the previous weekend. The positive trend has continued throughout the month. From June 27 to July 24, the number of new home registrations reached 4,233 units, compared to 3,047 units from May 27 to June 24—marking a nearly 40% increase. Real estate professionals have noted a significant reduction in buyers' decision-making time, suggesting that the ongoing effects of the new policies are becoming increasingly apparent.
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