Residential real estate in Beijing continues to climb fighting policies the government has put in place to curb the appreciation. It’s approaching 35 thousand yuan per square meter. But prices of pre-owned homes are dropping, down nearly one percent month on month.
Sales volume has dropped considerably in the past months, which shows the government’s control measures are taking effect. But it might take some time to translate into a drop in prices.
These prices reflect what are typically considered gray shell condo units in the US. There is no yard and no fixtures or furnishings. Additionally, the statistics are averaged across the entire city out to the fourth ring road, which many locals consider the suburbs. It takes about an hour to get from the downtown part of Beijing to the 4th ring road area by taxi assuming no traffic late at night.
If you want to just consider the inner part of the city which is considered more desirable, the average quickly shoots up to $700 USD per sqft and rises.