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

How can AI policy optimization catalyze a small spring rebound in Beijing’s housing market?

Guoxianfu PARK sales office. Li Kaixuan / photo

Our reporter Li Kaixuan Beijing report

After a long period of adjustment, Beijing’s housing market has shown a strong signal of recovery, with a “small spring” emerging, and the trend is expected to continue. The Huaxia Times reporter noted that at the end of March, multiple new housing projects in Beijing opened, and the sales offices once again saw lively queues of prospective buyers.

Meanwhile, according to data released by the Beijing Municipal Housing and Urban-Rural Development Commission, in March this year, Beijing’s second-hand residential transactions reached 19,886 units, a year-on-year increase of 3.4%. “A new high,” becoming the label for Beijing’s housing market this spring.

Queues for viewing reappear

The Guoxianfu PARK, which just opened on March 29, is undoubtedly one of the current star projects in Beijing’s housing market. “The sales office opened early, and during the initial opening, there were queues on weekends, waiting about an hour. It’s better on weekdays; I usually advise clients to view during the week,” said Lin Lan (pseudonym), a Beijing real estate agent, to the Huaxia Times reporter on April 2. Lin Lan straightforwardly said that several new housing launches in Beijing after the New Year have sold well.

As a major land supplier in Beijing over the past two years, the Changping new housing market entered a competitive era after the Spring Festival. After successfully developing Guoxianfu, China State Construction’s Zhidi quickly acquired the Xie Jia Zhuang site, backed by the high-quality ecological environment of Wen Yu River Park, preparing to launch another flagship product. Meanwhile, Future Science City Real Estate Company acquired a parcel in the Future Science City area on its own land, creating Xinghuan Times, with both projects opening simultaneously. Additionally, Lin Lan said that Longyue Haixu in Dongxiaokou, developed by Beijing Urban Construction Group, is expected to open in mid-April.

Among the “three brothers,” Guoxianfu PARK and Xinghuan Times, which opened first, can be considered hot sellers. On April 2, the Huaxia Times reporter observed that despite it being a weekday, the Guoxianfu PARK sales office still had many visitors viewing homes, with many clients in front of the planning display screens, model units, and signing areas. “The project offers over 800 units, with more than 400 sold at the first opening, and over 100 online signed. Sales are quite fast. There are not many units left in small sizes,” said a sales consultant at Guoxianfu PARK to the Huaxia Times.

The Xinghuan Times units, also lively on weekdays, have fewer total units than Guoxianfu PARK, but the popular layouts are mostly only available below the third floor. “In the past two days, we will clear out some units where the down payment hasn’t been fully paid, and there will be a batch of quality units available, but not many,” said a sales consultant at Xinghuan Times.

In terms of price, both projects cater to both first-time buyers and improved housing, all with refined decoration, with most units having nearly 100% efficiency, and total prices ranging from 4 million to 8 million yuan. “New housing sales generally have two key time points: half a year and the end of the year. These two projects are expected to sell out in less than half a year,” Lin Lan is optimistic about the sales prospects of these two new projects.

Xinghuan Times sales office. Li Kaixuan / photo

Second-hand transactions accelerate

“Relaxing purchase restrictions and the entry of cautious buyers into the market have indeed boosted transactions after the New Year in Beijing,” Lin Lan told the Huaxia Times. By the end of December 2025, Beijing issued a document stating that further optimization and adjustment of housing purchase restrictions would be made, lowering social security or individual income tax payment years, and allowing families with multiple children to buy an additional property within the Fifth Ring Road. In early August of the same year, restrictions outside the Fifth Ring Road were relaxed, with Guoxianfu PARK and Xinghuan Times both located outside the Fifth Ring.

While new housing remains hot, the second-hand market has also entered a clear recovery phase. “Prices haven’t risen significantly, but transaction volume has increased and become faster, and the number of second-hand listings has noticeably decreased,” Lin Lan told the Huaxia Times. She added that recently listed second-hand homes, if priced appropriately and without major issues in layout or floor level, tend to sell quickly.

Data from Zhongzhi Research Institute shows that since the beginning of this year, Beijing’s second-hand housing market has demonstrated strong resilience, with the stock of listings continuously decreasing, reaching 122k units by the end of February, down 15k units from the end of 2025. The decline in listings reflects a gradually stabilizing seller expectation and a more rational market outlook.

Another agent told the Huaxia Times, “Now, bargaining space is limited. The two recent deals had owners listing at 3.68 million yuan, but finally sold for 3.5 million yuan.” The agent particularly noted that one of the main reasons for the reduced bargaining room is that, after market adjustments, owners’ listing prices are becoming more rational.

Data also confirms the market’s warming trend. According to online transaction data released by the Beijing Municipal Housing and Urban-Rural Development Commission, in March this year, second-hand residential transactions in Beijing reached 19,886 units, a year-on-year increase of 3.4%. According to the I Love My Home Research Institute, this transaction volume not only set a new high in nearly 15 months but also ranked as the third-highest monthly volume since May 2021. On a single day, March 31, Beijing’s second-hand residential online signings reached 1,422 units, the highest single-day volume in nearly three years.

Market outlook remains optimistic

I Love My Home Research Institute believes that the concentration of first-time buyers entering the market is a key support for this “small spring” trend in Beijing. Their data shows that in March, second-hand homes under 3 million yuan accounted for 66.3% of total second-hand transactions, up 19.1% year-on-year, with low-priced homes becoming the main transaction drivers.

“Earlier price corrections have brought many properties into the affordability range of first-time buyers, and combined with improved market expectations, accumulated cautious demand has been released. Currently, prices have basically retraced to some buyers’ psychological expectations, and the cost-performance ratio has improved,” the institute told the Huaxia Times.

Lianjia Research Institute analyst Leng Hui told the Huaxia Times that from the transaction structure, in March this year, the proportion of transactions in central districts like Dongcheng and Xicheng declined, while districts like Shijingshan and Tongzhou increased, reflecting higher enthusiasm among new residents and first-time buyers after the Spring Festival.

“Post-holiday, the market gradually recovered, with both buyers and sellers entering actively, leading to a significant rebound in new customer sources in March. As a result, the volume of second-hand listings for sale will also increase in the near future, which is a normal phenomenon,” Leng Hui analyzed.

Regarding new housing, Lin Lan said, “In previous years, new developments were often far from subway stations. In the past two years, new land parcels are better, closer to subway stations, making new homes much easier to sell. Various high-quality parcels are now on the market. Also, the layouts of new homes are upgrading rapidly, and competition among projects is fierce—factors like efficiency, delivery standards, landscaping, and clubhouses are all points of competition.”

Data from Zhongzhi Research Institute shows that in the fourth week of March, Beijing’s newly built commercial residential sales reached 136.2k square meters, the highest weekly volume since 2026, indicating an initial sign of the “small spring” trend.

Xinghuan Times sales poster. Li Kaixuan / photo

“Under the influence of reduced and improved land supply, Beijing’s new housing market is expected to shift from ‘quantity expansion’ to ‘quality competition.’ With policies and land supply plans working together, future new projects may see enhanced product positioning and quality,” said Zhao Zhan Sheng, an analyst at Zhongzhi Research Institute Beijing.

The Huaxia Times reporter was told by the institute that in recent years, the real estate market has undergone deep adjustments, and under the central government’s efforts to stabilize the market, it has begun a new phase. Beijing, as a first-tier city with solid fundamentals, has long-term rigid and improved housing demand, and there is still room for policy optimization. Therefore, the “stabilization and recovery” trend is expected to continue, promoting steady and healthy development of Beijing’s housing market.

Editor: Zhang Bei Chief Editor: Zhang Yuning