According to DTZ, third quarter residential property figures were down on the previous quarter, both as regards rent and price. The corresponding DTZ indices were down 0.76% and a whopping 3.0% respectively.
In contrast, residential property prices in Shanghai have gone up 15% to 20% on average in the past year.
What makes Beijing's weak pricing surprising is that the previous quarter was the period of the SARS crisis, so many were expecting a strong rebound. But although prices are down, residency levels in properties have bounced back, partly because foreign expats have flocked back to Beijing.
The average vacancy rate for Beijing apartments decreased 3.77% from 27.17%...