Housing Market Sees Surge of Buyers During Week Long Holiday
The week long National Day holidays started last October 1 didn’t stop home buyers from scrambling to sign contracts before home sales were priced out of the market. The housing market didn’t lose steam in cities such as Shanghai, Nanjing, Beijing and Hainan during the long holiday period which encouraged property sellers and developers to implement a more aggressive stance compared to before.
In Beijing alone home buyers are now paying 300,000 to 800,000 yuan more to acquire a more pre decorated apartment in newly released residential projects. Other developers are now starting to charge decoration fees from 4,000 to 9,000 yuan per square meter. This will mean that the buyers are now spending more for down payments and with the current cost of a small apartment is between 1.2 million to 1.8 million yuan will be 500,000 yuan higher before the buyer can move in.
In shanghai residential projects that are located in the free trade zone are being sought after by home buyers and investors and prices of apartments have already increased 20 percent. Meanwhile secondary markets saw a price increase of 10 percent for apartments in Waigaoqiao area after the State Council approved the free trade zone project in August.