(Yicai Global) Jan. 21 -- The average price of a pre-owned home in Beijing fell for the first time in a decade last year, according to new data, as the capital's property market cooled after excessive gains in the previous seven years.
Prices declined 7.1 percent to an average CNY56,100 (USD8,264) per square meter in 2018 from the previous year, state-backed Securities Daily reported today, citing figures from the research arm of realtor 5i5j.
The first decline since 2009 largely reflects a return to actual values following excessive growth in 2010 to 2017, the research institute said, suggesting that the property market was healthier last year, which is good for long-term development.
The price of the median home fell 14 percent to CNY3.9 million (USD600,000), it said. Online sales registrations jumped 12.6 percent to 153,400 units.
Beijing's secondhand housing market is expected to follow trend in 2019, with transaction volumes and prices rising steadily and returning to a rational level if current regulations remain unchanged, the institute added.