Housing News
- Real estate prices in Beijing to rise by 11%
Date: 8-Jan-2007 Sources: (Shenzhen Daily)
STRONG demand for new housing and office space in Beijing is expected to bring real estate prices up by 11 percent in 2007, a slightly lower increase than in 2006, according to a market report.
The report, which was released by Jones Lang LaSalle, an international property consultant and investor, said prices of newly built houses will rise between 11 percent and 14 percent this year, while the cost of renting property will remain stable or decline slightly. Investment in real estate projects amounted to 136.2 billion yuan (US$17.5 billion) in Beijing over the first 11 months of 2006, a growth of 15.1 percent from the same period of 2005, according to the municipal bureau of statistics.
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