Shanghai Real Estate News – Average price per sqm tops 20k Rmb for the first time
Shanghai Real Estate prices have popped 20,000 the 20,000 Renminbi per square meter for the first time.
In the last week Shanghai’s average price per square meter has hit 20,826 Renminbi per square meter.
A magic mark, having hovered around 19000 Renminbi for a long time this year, and during the 2007 high.
Transaction volume decreased around 25% in the week from rising 5% the week earlier.
Total transaction was 296,000 square meters.
Shanghai Budget Housing launched
Shanghai has opened the run on the first 7200 units of it’s budget housing project.
The Apartment’s located in Jiading, Songjiang and Minhang which offer 70%ownership and cannot be sold wihtin 5 years, will sell for under 5000 Rmb per square meter.
The run on the properties have been big, but the rules are strict;
each applicant must hold a shanghainese houshold certificate for longer than 7 years, and must have lived in the district of application for at least 5 years (means the registered address from what I understand), the household average maximum income per head is no more than 27600 Rmb, and their assets are not to exceed 70,000 Rmb (per head).
and other criteria…
The properties limits are also set according to each household’s unique setting, say a family with a child younger than 8 years old is to apply for the 61sqm unit.
Developer demands VIP card to see model room
What the Property Community names as the most “NIU” (sort of means “able”) developer in town has asked people interested in buying their product (villa’s) averaged at 17000 Rmb per sqm to first buy a VIP card for 300′000 Rmb. Or they won’t be shown anything in the compound!
The approach seems to bear fruit, the development has already transacted more than 90 Million RMB worth and it hasn’t even officially opened yet!
Stay Tuned
1
aquaspace
Friday, January 15th, 2010 at 2:01 am
too expensive~