The average price of second-hand housing in Beijing has fallen for the first time in 10 years, and some property owners have been forced to cut the asking price to sell their homes, 21st Century Business Herald reported.

The average price last year for second-hand housing in Beijing was 60,925 yuan (US$8,900) per square meter, down 3.3% from a year earlier. It is the first decline since 2008.

It is generally believed that the price of second-hand housing better reflects the state of the market, due to the fact that Beijing’s property market is dominated by the housing stock.

Yan Yuejin, the research director of Shanghai E-House Real Estate Research Institute, said the Beijing market is indeed cooling, which is related to strict housing policies.

However, Yan is optimistic about the second-hand market, as the government has imposed fewer restrictions on transactions and prices in this area, compared to that of new commercial housing.

In 2019, Yan expects that the demand for small and medium-sized second-hand homes will remain healthy.