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Q: what is happening to apt. prices in your city?
I think big time dropping here. what was 9000/sq. m is now 6000 and I did just see a 5700 giant sign on a new place. still building more. 10 high rises across the street, finished and more or less empty for a year so far.
Going down in GZ/DG border area. But my wife says the price is static. Certainly over supply where I am, but thats good. The price drops so more people can buy, and the greedy developers dont make such a killing.
I can only comment on a couple of areas I know.
Downtown Guangzhou seems to be stuck at the moment. Not dropping but not going up either.
In last 2011 I lived in Zhongshan for 6 months. At the time the government there had put a ceiling on about prices of 5000/sqm for a year or so. Then they claimed it had the affect they wanted (to keep prices down) and they removed it. Prices jumped immediately. Now? There are loads of new gardens in various stages of being built & they seem to all be in the 4-5k/sqm range. Will be interesting to see if they drop later this year.
Down in Panyu they built the Asian Games Town to house the athletes for the 2010 games. A Chinese colleague then bought one for 12.000/sqm. Now? Last I checked the new ones were selling for about 6k/sqm so a huge drop. He's gutted!
In Foshan the prices are slowly falling down in the newly developed areas, not a sudden drop but a slow painful long slope. The downtown "old city" area is stuck on sky high prices.
The government is throwing large sums to develop new districts that do look nice but remain empty. They are building a new CBD across the Shunde river down south, it looks nice but I wonder who is going to live there since there are only two non-pedestrian bridges to go there and no mass transit going there.
Eorthisio:
Oh and as in many cities the landlords are desperate to rent, today again I have been contacted by a friend whose friend is a landlord and owns a few flats in newly developed residences, his friend was willing to rent the flats below the market price, he said it's because I am his friend, but I know the true reason is because she is desperate and losing money from empty flats.
Going down in GZ/DG border area. But my wife says the price is static. Certainly over supply where I am, but thats good. The price drops so more people can buy, and the greedy developers dont make such a killing.
Stagnant in Shenzhen. In on the real ourskirts. About one KM to rural Dongguan and it hasnt really moved for the past 2 years. About 15K/M
The official numbers say prices have fallen 5.7% in Changchun over the past year but in the community where I rent it seems to be about double that. What was going for 9,000 per sq/m before is now more like 8,000.
