Rush to buy homes in Hangzhou ahead of new restrictions
September 26, 2016 Category Real estate, Weekly
The transaction volume of apartments in Hangzhou jumped more than 180% week-on-week between September 12 and 18 as investors flocked to the city to buy second homes before the launch of home purchase limits on non-resident buyers, who would no longer be allowed to buy a second home in the city’s central districts, in a bid to curb rapidly rising house prices, curb speculative buying and prevent risks. Hangzhou became the fourth tier-two city to curb property purchases in 2016, following Xiamen, Hefei and Suzhou. The curbs are an indication that home prices in Hangzhou are expected to rise further. Property agents in the city said that home prices are rising so fast because supply is failing to keep pace with demand. Almost 39% of new flats in Hangzhou have been bought by non-local residents so far this year.
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