Chinese mega cities housing turnover has shown a sharp fall in recent months. The just ended Beijing Spring Real Estate Expo was more about buyers checking out suburban homes and overseas properties than housing in downtown Beijing.
Some property developers are adopting a variety of new marketing strategies, including offering major discounts to attract home buyers.
Some projects in Fangzhuang, Yizhuang and Tongzhou offer an online discount of as much as 50 percent, said Cai Hongyan, president of Real Estate Media Group.
Affordable suburban homes are a preferred option for many buyers because of high property prices in Beijing.
"I still want to buy a home in Beijing. Elsewhere would be a little far. So I mainly look at homes in the suburbs," a buyer said.
New home prices in Beijing increased a modest 0.93 percent in March while annual growth topped 27 percent from a year ago. That's according to the China Index Academy. Some more affluent home buyers and investors at the expo also showed an interest in overseas markets, including the UK, Spain, Greece, and Cyprus.
"House prices in some countries are just a seventh of those in Beijing. Rental returns are much higher, too, at five to six percent. That's very competitive," an onlooker said.
Experts caution, however, that home buyers and investors must be aware of the risks involved in overseas purchases. They warn that some European countries are experiencing so-so recoveries, while others show signs of property bubbles.
