Posted by jackproperty (240 days ago)
hi,there
maybe i can give you some advie on selling and buying housing in Shanghai.
To answer your questions:
1. what has been the recent pricing trend for housing in shanghai?
Since the end of may in 2007, price of house in Shanghai has risen about 40%-60%. however when the chinese govenment made some house policy in Oct in 2007, the rising trend has stopped for almost 2 months. As an expert in Shanghai real estate market, i think the price will not rise by the end of Feb of 2008. But after chinese new year, the house price will restart to rise again in Shanghai. there will be some reasons: firstly, RMB will appreciate a lot in 2008; sencondly, Chinese economy is in a inflation period. after chinese new year, prices of many thins will rise about 5%-10% in China; third, Olympic will open in China in August of 2008, there will be another investment trend in China; fourth, Year 2008-2010 are marriage years in China. Many people have to get married. They need to buy properties.
2. usual cost of selling & buying incl taxes & broker comm.
usually, the cost of selling in tax will be 7%-8.4% of total selling price. and cost of buying in tax will be 1.5%-3.5% of total selling price. And broker commission will be totally 2% of totaly selling price, both the seller and buyer will pay 1%.
3. is there any restrictions on foreigns buying? i thought i read somewhere that you must live in china for 1 year b/f you can buy?
usually, there will be no restrictions for foreigners selling. but there will be 2 basic requirements for foreigners buying.
firstly, those who want to buy house in Shanghai, they must have been living in Shanghai for at least 1 year and their companies should show their working certificate in Shanghai.
secondly, any foreigners should only buy ONE property in Shanghai.
There will be some restrictions in buying, but related to the property type.
If you have any other questions, you can contact me at jackproperty@gmail.com
Jack He, Director of Sales and Leasing Dept
Infuture Real Estate Agency Co,.ltd
Tel: 86-21-5382 8018 (work time)
24hour hotline:86-1300 3155 933
Email: jackproperty@gmail.com. jack@infutureproperty.com
www.infutureproperty.com
