Beijing Diaoyutai Seventh Yard prices set a record

0 CommentsPrint E-mail, May 25, 2011
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Daioyutai Seventh Yard, a compound beside the 2nd Ring of western Beijing, sets a record price at 300,000 yuan per square meter.

Apartments of No.3 building in Diaoyutai Seventh Yard beside the Second Ring Road in west Beijing sell for 300,000 yuan (US$46,140) per square meter, setting a new property record, in defiance of a cooling down in real estate market.

The record-high compound was a special case and didn't mean that the property market is warming up again, the analysts said.

According to the municipal real estate transaction data, lower apartment sales have driven down house prices slightly and the number of apartments for sale in Beijing has increased, indicating that the sizzling property market has begun to cool down.

The sales price of new apartments offered by developers also fell. The price in 22 new buildings available to buy in June averaged 20,490 yuan ($3,156) per square meter, down 3.9 percent over the previous month, as shown by data of Yahao Real Estate Selling & Consulting Solution Agency Tuesday.


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