A Strong First Half for Beijing
Beijing recorded 93,500 second-hand home transactions in the first half of 2026, the National Bureau of Statistics confirmed — the highest H1 figure since 2021 and a 5.7% year-on-year increase. The data confirms that China's capital city has moved decisively into an active recovery phase, defying the national trend of subdued second-hand market activity.
What's Behind the Surge
- Policy-driven affordability: Reductions in mortgage rates and down-payment requirements have lowered the cost of trading up, a key trigger for second-hand market activity
- Supply pipeline: New-home supply in Beijing's inner districts remains constrained, pushing buyers toward quality second-hand stock
- State sector employment: Beijing's large public-sector and state-enterprise workforce provides income stability that supports housing demand
- Education-driven mobility: School district re-registration periods in Q2 typically boost transaction volumes as families adjust housing to match school catchment areas
National Divergence Deepens
The contrast with the broader market is stark: while Beijing was posting its best H1 in five years, 92 of 100 monitored cities recorded second-hand price declines in July 2026. Tier-1 cities — Beijing, Shanghai, Guangzhou and Shenzhen — have largely outperformed, while tier-2 and tier-3 markets remain trapped in inventory overhang and weak sentiment.
Land Market Signals Confidence
Supporting the transaction recovery, Beijing's land market has been exceptionally active: a landmark plot attracted a 191-round bidding war in 2026, setting a new city record and signaling that developers view Beijing's long-term fundamentals as sound. Premium land acquisitions typically translate into higher new-home prices 12–18 months later, providing a floor for existing property values.
Outlook
Beijing's H1 performance positions it as one of the few cities likely to post full-year transaction growth in 2026. Barring a sharp deterioration in macro conditions or a reversal of policy support, the capital's market looks set to remain a relative outperformer — a bright spot in an otherwise uneven national recovery.