Beijing Defies the National Trend
Beijing recorded 93,500 second-hand home transactions in the first half of 2026, the National Bureau of Statistics confirmed — the highest H1 total since 2021 and a 5.7% year-on-year increase. The result places Beijing firmly among China's outperforming markets, even as 92 of 100 monitored cities recorded second-hand price declines in July 2026.
What Is Driving Beijing's Resale Strength
- Policy-driven affordability: Repeated reductions in mortgage rates and down-payment requirements have lowered the cost of entry, triggering a wave of first-time and upgrade transactions
- Constrained new-home supply: Inner-district development is tightly restricted in Beijing, pushing buyers toward quality second-hand stock
- State-sector employment stability: Beijing's large concentration of government agencies and state enterprises provides income stability that supports long-term housing demand
- Education-linked mobility: School district registration windows in Q2 historically boost transaction volumes as families adjust housing to align with school catchment areas
Land Market Signal
Supporting the transaction recovery, Beijing's land market has seen exceptional activity. A landmark plot attracted a 191-round bidding war in 2026, setting a new city record and signalling developer conviction in Beijing's long-term fundamentals. Premium land auctions in top cities typically translate into higher new-home prices 12–18 months later, providing an indirect floor for existing property values.
Comparison with National Picture
| Market | H1 2026 Transaction Trend |
|---|---|
| Beijing (second-hand) | 93,500 units, +5.7% YoY — best H1 since 2021 |
| Jinhua, Zhejiang (new homes) | 8,670 units, −27.1% YoY — under pressure |
| 100-city average (second-hand) | 92 of 100 cities MoM price decline in July |
| Tier-1 cities (new homes) | +0.63% MoM — outperforming |
Outlook
Beijing's H1 performance positions the city as a strong candidate to post full-year transaction growth in 2026 — a rare achievement in the current environment. Barring a sharp macro deterioration or reversal of policy support, the capital's market is set to remain a relative outperformer and a key bright spot in an otherwise uneven national property recovery.