Property markets continue to cool
- Details
- Category: Ningbo News
- Published: Wednesday, 12 October 2011 06:41
The once-sizzling property markets continue to cool during the weeklong holiday in spite of discounts and enough time for buyers to choose houses. It seems that the booming property sector is heading for a bust. An intensive competition among property developers is coming. The government has introduced a series of policies to rein in prices, from higher mortgage rates to restrictions on the numbers of homes people can buy and it is clear that measures are finally starting to bite.
Many developers reduced selling prices amid a decline in transaction volume. In the city’s west, developers were offering a favorable discount for ten apartments, 3000 yuan lower than original price for each square meter, which meant buyers could save 300,000 yuan if they bought a house with an area of 90 square meters. But no one showed any interests. Properties sales in Haishu District were in the same situation.
However, people paid more attention to unfinished properties. It seemed that customers were waiting for a substantial decline of prices. “Whether we buy new apartments or not depends on the prices when the selling starts.” said by a customer at the sales office.
Even though September is traditionally the strongest month for property sales, the sales are unfavorable. Developers have to compete with the neighboring properties when October starts.
“Prices will continue to fall before bottoming out.” estimated by the market insiders, “There will be fresh demand once the restrictions on purchase and loans cancelled.”
