Beijing's Housing Market Surges in January

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Tim Graham | Getty Images

Some 11,156 homes were sold in the capital from the beginning of the year to January 28, a 570 percent increase compared to the same period in 2012, a property agency says.

Nearly 400 units were sold on average every day from January 22 to 28, HomeLink said, despite the fact that the beginning of the year was usually slow. The average housing price was 23,259 yuan per square meter on January 28.

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In December, the latter figure was 20,627 yuan, data from the Beijing Real Estate Association shows.

However, supply could become a problem. Only 1,114 units were put on the market from January 1 to 27, HomeLink data shows.

Only one housing development, in the northeastern district of Shunyi, started sales in the January 21-27 period, according to statistics from the China Index Academy, a property research organization.

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Developers are not enthusiastic about putting new developments on the market ahead of the major Spring Festival holiday, preferring to wait until afterward.

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As the housing market recovers and with no new government curbs on the horizon, most homebuyers expected prices to rise, said Zhang Xu, who works in HomeLink's market research department. "In the first quarter, the inventory will be worked off quickly and prices might go up."

From January 1 to 26, 282 units of upscale housing sold for an average price of 10 million yuan, up 46.9 percent from the same period last month, data from the website of B.A. Consulting & 5i5j Group showed.

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The prospects for Beijing's housing market were promising three years after the government enacted housing curbs, Hu Jinghui, vice president of the group, said.

From January 1 to January 27, 18 plots of land in Beijing sold for 20.6 billion yuan, the highest sales figure since 2003, data from the group's website showed.