Incoming Policy Pushes an Increase in Housing Prices

Incoming policy pushes an increase in housing pricesAccording to the land and resources commission there has been a sixteen percent increase on housing prices since May. This has brought new housing prices to an average of 17,828 yuan per square meter. The lowest housing prices were in August of 2009 with prices at just 15,262 yuan per square meter.

3,000 new apartments were sold last month, with apartments below 90 square meters dominating the sales while new apartments above 144 square meters only sold 190 units. 1,696 apartment units were sold in Bao’an district with a price of 18,520 yuan per square meters.

Analysts say that housing prices will remain unchanged since it’s controlled by government policies that are keeping high priced houses out of the market. Developers were also offering discounts that contributed to the lowering of the housing prices as well.

Last month also saw an increase of sales in the pre owned apartments in which 9,000 units were sold. This only shows that the sellers are anticipating the new city rules that will curb the sale of pre owned housing which the tax authority will levy taxes in accordance to property value instead of the prices of the pre owned housing sale.

This has encouraged buyers and sellers to frantically finish all transactions to avoid paying the higher tax that will be implemented under the new ruling.

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