People still wary of buying new homes after the holidays

People still wary of buying new homes after the holidaysOnly 70 new apartments are being sold a day in the first week after the Spring Festival holiday. According to statistics the city’s urban planning said it was less than 40 percent of the sales figure just before the holiday.

480 new apartments sold in the past week amounted showed a 70 percent decrease in sales compared to sales last year. the market during the holidays was slow and new moves that curb housing prices made situations worse, holding back potential buyers of apartments and homes. Real estate agents said only a handful of people visited them in the week, since the new measures were implemented investors decided before purchasing apartments. Some people even decided to wait a little longer and see if there will be anymore changes.

Pre-owned apartments didn’t fare better with fewer sold than in the past years. Sales of pre-owned apartments dropped and most of the pre-owned units sales were from buyers that already shown interest in buying the apartments before the Spring Festival. during the holiday no one pre-owned apartment was sold.

Fall if the sales were due to new policies and measures implemented by State Council to curb housing prices. The new policies required buyers of pre-owned apartment to pay a deposit of 60 percent in addition to the high interest rates. Interest rate imposed by the Central Bank also increased the cost of buying property. Residents in Shenzhen were also concern on property taxes and they are waiting for the city government to do something or implement a new property tax policy.

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