Trading volume rebounds, and Beijing's real estate market welcomes a "mini spring"

Recently, after conducting an on-the-ground survey of Beijing’s real estate market, the reporter found that, influenced by the seasonal peak-cycle of “spring warmth” (a period of stronger transactions), the recent transaction volume for secondhand homes in Beijing has expanded noticeably, but prices have not shown any clearly upward trend.

Data from the Beijing Municipal Commission on Housing and Urban-Rural Development shows that in March, Beijing’s signed sales of secondhand housing reached 19,886 units, hitting the highest level in nearly 15 months.

** Transaction volume expands **

“Over the last month, the community has closed more than 20 units of secondhand listings; in the previous period, the most we closed in a month was only 7 or 8 units.” A brokerage sales representative near the South Fifth Ring Road in Beijing’s Daxing District told the reporter, “But prices have not shown signs of stopping the decline; compared with before the Spring Festival, the same listings are still cheaper.”

After visiting six central districts of Beijing, the reporter found that secondhand home transaction volumes warmed up in multiple areas, including Dongcheng and Xicheng. However, brokerage sales representatives said that prices have not yet shown any significant change.

“The transaction volume in March this year is the best performance in the past four or five years.” A senior sales representative in the Fengtai district told the reporter, “Every day there are basically deals with signed contracts being processed.”

Statistics from the Centaline China Research Institute show that in March, the total signed sales volume for new homes in Beijing reached 3,552 units, up 191.86% month-on-month; the signed sales volume for secondhand residential properties reached 19,886 units, up 144.63% month-on-month.

In terms of transaction mix, data from the Beike Research Institute shows that in March, the share of transactions in central districts such as Dongcheng and Xicheng declined, while the shares in districts such as Shijingshan, Tongzhou, and Daxing increased. Judging by market performance in each district, districts including Daxing, Mentougou, Fangshan, Shunyi, and Miyun showed relatively more noticeable year-on-year growth in transaction volume, and in nearly half of the districts the average transaction price rebounded compared with the previous month.

By floor plan of the traded homes, the main volume of secondhand home transactions is still concentrated in 60–90 square meter units, accounting for more than 40%; next are units under 60 square meters, accounting for around 25%; and units of 90–120 square meters account for about 20%. Units larger than 120 square meters account for less than 15%. Two-bedroom homes account for over 50%, three-bedroom homes about 23%, one-bedroom homes nearly 20%, and homes with three or more bedrooms account for less than 5%.

** Expert: A “restorative” market rebound for the real estate sector **

Zhang Dawei, chief analyst at Centaline China, told the reporter that in March, Beijing’s secondhand housing market experienced a strong rebound for “spring warmth,” where policy and seasonality converged; transaction capacity expanded noticeably, but prices have not yet seen a broad-based rise. The current round of rebound is expected to be a restorative rebound rather than a trend reversal.

The concentrated move-in of households with urgent demand became an important support for this “spring warmth” cycle. I Love My Home ( 000560 ) shows that in March, the transaction volume of secondhand homes in Beijing priced below 3 million yuan accounted for 66.3% of the total secondhand home volume for the same period, up 19.1% year-on-year; low total-price listings were the main force behind transactions.

Leng Hui, an analyst at Beike Research Institute, said that in March, Beijing’s signed sales volume for secondhand residential properties reached the highest level in nearly 15 months. In terms of prices, overall they remained stable, with a slight increase compared with the earlier period of the year; the trend of stabilizing after stopping the decline continued to look positive, matching earlier expectations. There were mainly two reasons for the market rebound in March: on the one hand, seasonality—every year after the Spring Festival, this period is a golden time when the market rebounds quickly, popularly known as “spring warmth.” On the other hand, policy support—various policy optimization measures introduced in late December 2025 effectively boosted market confidence, and at the same time helped unlock a portion of homebuying demand. These newly generated demands were also gradually converted into actual transactions by March.

On supply and demand in the market, Leng Hui noted that this year’s Spring Festival holiday fell in February, so the volume of new home listings in February was at a relatively low level. After the holiday, both buyers and sellers entered the market in a concentrated way, so in March the volume of new listings rebounded sharply. As a result, the current and the next period will see a rise in the volume of secondhand homes available for sale, which is a normal phenomenon.

【Source: China Securities Journal】