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Properties are withdrawn from the market due to new regulations

Properties are withdrawn from the market due to new regulationsHome owners are starting to withdraw their properties from the market, after the new regulations that limits home purchases was implemented in Shenzhen. Even thought the is not a citywide happening the number of home owners withdrawing are increasing everyday.

Last week the government announced a regulation that allows families with hukou to purchase more than one home, while non hukou holders are limited to one apartment. A real estate brokerage have already received 10 withdrawals from home owners that were planning to sell their homes. Owning properties was a good investment against inflation, since it risen over these past months.

According to a real estate agent, the policy really affected a lot of potential buyers, stating that one of his clients sold their old home to buy a bigger one, but with the new policy they they were not allowed so they are now living in a smaller apartment and are unhappy.  Some home owners right now are choosing to keep their properties in fear that it will be more difficult to purchase new or bigger homes in the coming future.



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