Beijing's real estate market experiences a "small spring" confirmation, with nearly 20k second-hand home transactions in March, reaching a 15-month high!

Beijing Report by Our Reporter Li Kaixuan

After a long period of adjustment, the Beijing residential real estate market has shown a very strong sign of recovery. The “early-spring surge” has emerged, and the market outlook is expected to continue. Reporters with the Huaxia Times noted that in late March, multiple new housing projects in Beijing opened for sales, and sales offices once again saw lively scenes of people lining up to view homes.

Meanwhile, according to data released by the Beijing Municipal Commission of Housing and Urban-Rural Development, in March this year, the number of existing residential homes sold in Beijing reached 19,886 units, up 3.4% year over year. “A new high” has become the tag for the spring recovery of the Beijing real estate market.

More People Line Up to View Homes

The Guoxianfu PARK, which opened on March 29, is undoubtedly one of the star projects in the Beijing real estate market right now. “The sales office opened early. When it first opened, on weekends people had to line up to view homes—queue for an hour. On weekdays it was better. I always suggest clients come on weekdays.” On April 2, Lin Lan, a real estate agent in Beijing (a pseudonym), told reporters with the Huaxia Times. Lin Lan said frankly that several new housing projects opened after the New Year in Beijing have sold well.

As a major supplier of land in Beijing in the past two years, Changping’s new housing market entered a competition phase after the Spring Festival. After China Construction Zhi Di successfully developed Guoxianfu, it went on to secure the Xiejiazhuang land parcel. With the high-quality ecological environment backed by the Wenjuyi River Park, it is preparing to launch another flagship product. Meanwhile, Beijing Future Science City Real Estate Co., Ltd. acquired a land parcel on its own plot in the Future Science City area, to develop the Xinghuan Shidai. The two projects opened for sales at the same time. In addition, Lin Lan said that Longyue Haixu in Dongxiaokou, developed by Beijing Chengjian Real Estate, is expected to open in mid-April.

Among the “three brothers,” Guoxianfu PARK and Xinghuan Shidai, which opened first, can be described as hot sellers. On April 2, the Huaxia Times reporter saw that although it was a weekday, there were still many people viewing homes at the Guoxianfu PARK sales office. In front of the master plan screens, by the model house, and at the signing area, there were also numerous clients, and inside the model units there were several groups on site for viewings. “The project offers more than 800 housing units. In the first launch, more than 400 units sold. The online contract signings have already reached more than 100 units, and sales are moving relatively fast. There aren’t many units left to choose from with small-sized floor areas.” The sales consultant of Guoxianfu PARK told reporters with the Huaxia Times.

The Xinghuan Shidai inventory available at the sales office on weekdays is a bit less in total units than Guoxianfu PARK, but for the hot-selling unit types, basically only units on three floors or below remain. “In these two days, we will clear out some units whose initial payments have not been made. There will also be a batch of higher-quality units available, but not many.” The sales consultant of Xinghuan Shidai told reporters with the Huaxia Times.

In terms of pricing, the two projects cater to both first-time demand and improvement needs. They are both fully finished (turnkey) . For the vast majority of unit types, the net usable area ratio is nearly close to 100%, and the total price ranges from 4 million to 8 million yuan. “There are generally two time nodes that are especially important for new home sales—mid-year and year-end. For these two projects, we estimate they won’t even take half a year to clear all remaining inventory.” Lin Lan is optimistic about the sales prospects of these two new housing projects.

Existing Home Sales Picking Up Faster

“Relaxing purchase limits, plus putting the waiting group into the market—after the New Year, sales in Beijing are indeed doing well.” Lin Lan told reporters with the Huaxia Times. At the end of December 2025, Beijing issued documents stating it would further optimize and adjust housing purchase restriction policies, reduce the required number of years for paying social insurance or individual income tax, and allow families with multiple children to purchase an additional commodity housing unit within the Fifth Ring Road. In early August of the same year, Beijing lifted purchase restrictions outside the Fifth Ring Road. Guoxianfu PARK and Xinghuan Shidai were both located outside the Fifth Ring Road.

With new homes hot, the existing home market has also entered a clearly warming channel. “Prices haven’t risen noticeably, but the number of transactions has increased, and they’ve gotten faster too. The number of existing homes listed for sale has declined significantly.” Lin Lan told reporters with the Huaxia Times. Lin Lan said that for recently listed existing homes, as long as the price is reasonable and the unit type and floor level have no hard drawbacks, deals will generally close relatively quickly.

Citing data released by the China Index Academy, since the beginning of this year, Beijing’s existing home market has demonstrated strong resilience, while the number of existing units continuously listed for sale has been declining. By the end of February, it fell to 122,000 units, down by 15,000 units compared with the end of 2025. The decline in listing volume reflects that existing-home sellers’ expectations are gradually stabilizing, leading to more rational judgments about the market.

Another broker told reporters with the Huaxia Times: “There isn’t much room left for negotiation now. In the past two deals, the owners’ listing price was 3.68 million yuan, and the final sale was 3.50 million yuan.” This broker specifically mentioned that one of the main reasons the negotiation space has shrunk is that after market adjustments, owners’ listing prices have increasingly become more rational.

The data also confirms the market recovery. According to the online contract signing data released by the Beijing Municipal Commission of Housing and Urban-Rural Development, in March this year, 19,886 existing residential homes were transacted in Beijing, up 3.4% year over year. Analysts from the I Love My Home Research Institute told reporters with the Huaxia Times that this transaction volume not only hit the highest level in nearly 15 months, but was also the third-highest monthly figure for transaction volume since May 2021. Looking at single-day data, on March 31, the number of online contract signings for existing residential homes in Beijing reached 1,422 units, the highest single-day transaction in the past three years.

The Market Outlook May Continue

Analysts from the I Love My Home Research Institute believe that the concentrated move-in of buyers driven by first-time demand has become an important support for this “early-spring surge” in Beijing. The I Love My Home data shows that in March this year, the number of existing homes sold in Beijing priced below 3 million yuan accounted for 66.3% of the total existing home sales volume for the same period, up 19.1% year over year. Low total-price homes have become the main force behind transactions.

“Continuous price pullbacks earlier put a large number of listings into a price range that first-time-demand buyers can afford. Combined with an improvement in market expectations, the waiting demand accumulated earlier is being released in a concentrated way. Currently, home prices have basically pulled back to levels within the psychological expectations of some buyers, and the value-for-money has improved.” Analysts from the I Love My Home Research Institute told reporters with the Huaxia Times.

Han Leng, an analyst at Lianjia Research Institute, told reporters with the Huaxia Times that, from the perspective of transaction structure, in March this year, the share of transactions in central districts such as Dongcheng and Xicheng declined, while the shares in districts such as Shijingshan and Tongzhou increased. This reflects that after the Spring Festival, new residents and first-time-demand groups have relatively higher enthusiasm to enter the market.

“After the Spring Festival, the market gradually recovered, and both buyers and sellers entered the market in concentrated waves. That’s why the number of newly added customer sources in March rebounded sharply. As a result, in the current and coming period, the volume of existing homes for sale is expected to rise. These are all normal phenomena.” Leng said so in this way.

As for new homes, Lin Lan said bluntly: “In the past few years, new housing projects were generally far from subway stations. But in the past two years, the new housing land parcels have been very good—closer to the subway. New homes have clearly sold better, and all kinds of high-quality land parcels have been listed. Also, new homes’ unit layouts have upgraded very quickly. There’s intense competition among projects—net usable area ratio, delivery standards, landscaping, clubhouses—these are all competitive points.”

Data released by the China Index Academy shows that in the fourth week of March this year, newly built commodity residential homes in Beijing totaled 136,200 square meters in transactions, the highest weekly level since 2026, indicating that the “early-spring surge” has begun to show up in the market.

“Under the impact of reduced land supply quantity but higher quality, Beijing’s new home market is expected to shift from ‘expansion in quantity’ to ‘competition in quality.’ As policy and land-supply plans coordinate with each other, the product positioning and quality of future new home projects may be improved.” Zhao Zhansheng, an analyst at the China Index Academy Beijing enterprise, holds this view.

Analysts from the I Love My Home Research Institute told reporters with the Huaxia Times that in recent years, the real estate market has undergone deep adjustments. Under the central government’s deployment to “focus on stabilizing the real estate market,” it has already started moving into a new stage. As a first-tier city, Beijing has strong fundamentals: rigid housing demand and improvement-oriented demand have long existed, and future real estate policies still have room for optimization. Therefore, the “stop the decline and recover” phase is expected to continue, driving Beijing’s real estate market toward stable and healthy development.