Housing Strategy Attracts Potential Home Buyers
A residential estate in Bao’an District cut its prices by 30% or 5,000 yuan per square meter, by doing this it attracted a potential home buyers. Housing experts are saying this might trigger a domino effect in which real estate companies will also be cutting or reducing prices in the property market in Shenzhen.
The estate consist mostly of small apartments with floor areas ranging from 78 to 89 square meters. Building an apartment in this area will cost around 900,000 to 1.4 million yuan with the current price of 12,500 yuan per square meter. At this prices offered the estate company already have 400 buyers paying deposits as reservation.
But not all of the estate property is included in the sale, only 5 of the 20 buildings are being sold since the remaining buildings will be gradually open up for sale by next year with the possibility of new prices.
All though analysts are saying that developers in Shenzhen will follow suit in cutting prices but might die down after potential buyers will begin to lose interest or when the properties will be sold out.