More second-hand single apartments on sale
11/6/2003 14:28
Sales of pre-owned single apartments in Shanghai are on the rise,
accounting for more than 42 percent of the second-hand home market, today's
Youth Daily said, citing data from a local housing brokerage.
These
projects are small home units ranging from 30 to 70 square meters in prime
downtown locations, with all-round services and laundries.
Interest in
the units has been low due to the high rentals, forcing many owners to sell the
units to recover their investment, the report said.
The rents for these
homes run more than 2,000 yuan (US$242) a month, compared with 1,200 to 1,800
yuan for ordinary non-serviced homes of a similar size in the
neighborhood.
Since their introduction into the city two years ago,
single apartments have been a great hit in Shanghai, especially with single
young people with higher incomes but smaller savings.
Most of the
apartments are bought as an investment and are usually for lease.
Despite
their high per-square-meter price due to prime locations and housing services,
the prices are comparatively low due to the small areas.
Jane Chen /Shanghai Daily news
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