Buying Property in Shanghai

Posted by zhuliya (311 days ago)

I have NO idea regarding the actual price of apartment in Shanghai but I'm thinking on that. Can I have some advice, for exemple, of 130 qm, 2 bath, 2-3 room, in Jing'an or Hongqiao or French Concession area (near int. school)?
Or someone can give a Real Estate Agency to ask to?

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Posted by Mark_Larsen (177 days ago)

1) Don't you EVER use your foreign face to ask this kind of advice. Get a chinese friend to ask pretending he/she is the one interesting an appear at the end of the deal.

2) You need to pay 30% upfront. You can get a mortgage and you don't need to pay any extra fees. The whole process is exactly the same as the Chinese would do EXCEPT you need a notarized passport (cost < 2000rmb). Don't let anyone trick you into any hidden fees.

3) The process is so much easier than in western countries. I am EU national and it took me less than a week to do all the paperwork once I decided to buy my piece. I mortgaged at 15 years and put 60% upfront.

Unless you want to pay premium prices, don't go to any property agent who can speak English. Simple as that.

Posted by Basket (167 days ago)

Hi Mark,
Can you recommend an agent.
Thanks.

Posted by mark_larsen2 (163 days ago)

Like I mentioned in another post, I don't do state agents. I first find out what I want and where I want it, then I go to the closest agent (*bonus* if they have a small shop, which means they are more willing to work with you because they have less clients and they will charge lower commision), then I talk to people around the place I want to buy, invite some owners for cigarretes and find out prices in that area, and THEN I offer MY PRICE.

*****
If the person talking to me can speak English, I politely leave the place as fast as possible. You will PAY because you can not speak English. I can not stress this enough.
*****
I can not stress the sentence above enough. Trust me, not dealing with big English speaking companies saved me money like you wouldn't believe. Same goes for those little girls who want to help "for free" but then do arrangements by their own. If you can, go with someone who you really trust. Even offering them commission they will still try to get another one from the agent. I write from experience.

For instance, my 530k apartment was first offered by an English speaking agent for a "final price" of 675k. The next day I called, speaking in Chinese, and I got another chinese speaking agent asking me 580k. Then I did my homework and I got my final price of 530k. That is 100k+ saved for being street smart.

Being my 3rd apartment, and every single time finding the same problem, I would say my advice is more than sound. I mean, unless you want to throw away your money, or course.

So I don't really have agents. Whoever have a real estate property company which is tiny like a shoebox does perfectly for me.

If you are decided, email me and, for a free lunch you may bribe me into helping you out. Write to me at josephzhongguo_at_yahoo_dot_com.