Locals eye distant properties
5/11/2003 14:39
With only narrow profits expected from investing in the local real estate
market, Shanghai residents have begun to turn to housing properties outside the
city, the Labor Post reported today.
Local housing prices have been soaring
since last year, and many Shanghainese have purchased properties for investment.
However, the soaring property prices in Shanghai have squeezed the profit
margins.
Therefore, the out-of town market is generating local interest.
Many Shanghainese are interested in buying properties in the village of
Zhouzhuang, a water town near the city, where the housing prices have increased
from 100,000 yuan (US$12,000) to currently more than 300,000 yuan.
Business
space in Jiashan of Zhejiang Province is also proving very poplar, with the
lowest price about 60,000 yuan per unit.
Besides properties in the nearby
Jiangsu and Zhejiang Province, those in Wuhan and Haikou have also gained
popularity among Shanghainese.
Local residents have stronger awareness of
investment, which can facilitate the domestic real estate development, said an
industry analyst.
Wendy Zhang/ Shanghai Daily news
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