In the highly sought-after area within 5 kilometers of Tiananmen Square in Beijing, housing prices have plummeted 40% from their 2021 peak! Discover the extent of Beijing’s housing price decline as uncovered by independent Chinese media figures—
Reports from Chinese social media influencers are discussing the downturn in Beijing’s housing market. It appears that the dynamic in the real estate market is changing, with buyers gaining more leverage. According to detailed transaction records from real estate agencies, it has become common for transaction prices of second-hand homes in Beijing to be 1 to 2 million yuan lower than the listing prices. Buyers often start negotiations by asking sellers to drop the price by 1 million yuan before proceeding with any further discussion. The most significant drop in prices has been recorded in the Anwai Street No. 3 courtyard within the Dongcheng and Hepingli area, where transaction prices in December 2023 fell to just 4.5 million yuan. This was a decline of 37 per cent from that of its peak value. Sellers who had taken earlier action with the property could have avoided losses of over 1.5 million yuan.
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Beijing House Prices Collapse Overnight: From 10 Million in the Evening to Just 3 Million by Morning
