BEIJING, Nov. 8 (Xinhuanet) -- In Beijing, sales of pre-owned properties have fallen by nearly 50 percent since the purchase limits were implemented. Property prices have gone down as much as 11 percent across the nation's capital.
According to official data, real estate in some of Beijing's most sought-after locations is getting harder to sell. Properties sold within the second ring road area have seen a reduction of around 50 percent, since the policy was introduced.
Overall around 7 thousand 200 pre-owned properties were sold in October, which is a 17 percent drop from September's 8 thousand 750. On a year-on-year basis, that's a steep decline of almost 50 percent.
The drop in the clearance rate is pushing prices down, making way for a buyers market. According to HomeLink Real Estate, the median price of properties for October was 23,000 yuan per square metre.
That's a 3.2 percent decline from last month, and 6.7 percent cheaper than last year. Buyers are saving as much as 1,300 yuan on every square metre they purchase.
Analysts say the low clearance rate will remain until the end of this year, making room for even more potential price falls.