Beijing luxury home prices at 17-month high
Flats more expensive than 50,000 yuan (HK$63,000) per square metre sold for 53,329 yuan on average, 5 per cent higher than in April and rising for the fourth consecutive month, Yahao Real Estate Selling & Consulting Solution Agency said in a report.
The average price of luxury homes in Beijing, excluding townhouses, jumped to the highest in 17 months in May, as wealthy buyers favoured bigger properties under the government's purchase restrictions, a local agency said.
Flats more expensive than 50,000 yuan (HK$63,000) per square metre sold for 53,329 yuan on average, 5 per cent higher than in April and rising for the fourth consecutive month, Yahao Real Estate Selling & Consulting Solution Agency said in a report. Total sales surged 28 per cent to 3.55 billion yuan, the realtor said.
New-home prices in Beijing rose by 3.1 per cent in April from the previous month, the biggest gain among the nation's four first-tier cities, as the capital's property curbs, the country's strictest, failed to deter homebuyers, according to SouFun Holdings.
Those curbs have included minimum down-payment requirements for second homes of 70 per cent and a ban on single-person households buying more than one residence.
"The super-rich buyers now like bigger, high-end properties more" as the government curbs make it more difficult to buy a second home, Gao Shan, Yahao's deputy general manager, said in the report. "The scarcity of core urban land resources is driving up the value of luxury homes."
Thirty-five out of 56 luxury projects that were already open to subscription managed to sell 323 flats last month in Beijing, compared with 325 apartments in April, according to Yahao.
