Prices of expensive second-hand homes drop
16/10/2003 14:38
Prices of local up-market second-hand apartments have continued to drop
for six consecutive months, according to the latest data from a local property
service firm.
A survey, conducted by research and consulting department of
Shanghai Centaline Property Agency Ltd, was cited in today's Youth Daily and
indicated asking prices for these property have remained the continuous downward
trend since March.
Industry experts analyzed the drop is a result of the
previous hovering prices, which have frightened away many homebuyers from the
higher-end market as well as cut property investors' investment
appetite.
With more new housing projects and government-sponsored low-cost
residential projects breaking ground in the city, many homebuyers opt to turn to
cheaper projects in the new property market.
Meanwhile, the supply of small
apartments has barred many homebuyers from the higher-end used home market,
experts said.
The currently available apartments, usually above 100 square
meters, carry a total price at above 500,000 yuan (US$60,460), far exceeding the
purchasing capacity of the buyers, they pointed out.
They said since most of
the city's second-hand homebuyers are relocated residents with lower income,
their home budgets are usually under 300,000 yuan.
Jane Chen / Shanghai Daily news
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