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Chinanews, Beijing, July 3 – According to a recent report released by the Beijing Olympics Economic Research Institute, the housing price in Beijing will decline after the Beijing Olympic Games, the China Business Times reported.
Beijing's successful bid for the Olympic Games has greatly pushed up the housing prices in the city. The housing reform undertaken in Beijing and the successful bid for the Olympic Games have triggered a round of investment activities in the property market. At present, such investment has become overheated and there are great bubbles in the real estate market in Beijing, said the report on "The 2008 Beijing Olympic Economy". The report cites an array of figures to prove that since Beijing won the bid to host the Olympic Games, investment activities have surged in the property market in Beijing. However, at present, such investment activities have already become overheated. It says that most of the new residents in Beijing are non-natives who have moved to Beijing from other regions. Related figures show that in 2005, every household consisted of an average of 2.8 people. Based on this standard, it is estimated that by 2012, there will be 200,000 new families in Beijing. These new families will require 20 million square meters of living space, a figure that is far below the actual floor space of commercial houses currently being constructed. In light of these figures, the report concludes that the real estate market in Beijing has already become overheated. The report infers that in recent years, the construction speed of new houses has far exceeded the population growth in Beijing and people’s demand for houses. Property developers overestimated1 people’s demand for houses after Beijing won the bid for the Olympic Games. As a result, there is an oversupply2 of houses in Beijing now. Although supply of houses has already exceeded the demand, in Beijing the housing price has not fallen. On the contrary, it has continued to rise in recent years. At present, the housing price in Beijing has remained at a high level, which is far beyond local residents’ affordability3.
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