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Shanghai is one of the hottest property markets in China. Skyrocketing home prices have made it hard for young people to start new families, but the situation may be changing soon. The Shanghai government said it will aim to add about 700,000 rental homes as part of its housing development plans in the ongoing five-year plan.
Officials said they will target transportation hubs and commercial access areas in effort to help young people. There are people who have difficulties finding a place to live especially young professionals and entrepreneurs. They don't have to buy a home if they want to live and work in Shanghai. They can simply rent one. Our next step is to develop standardized and professional rental agencies.
The officials also said they will continue the purchase restrictions and strictly regulate the property market. They will also investigate developers and property agents that violated the rules. The Shanghai government introduced its latest purchase restrictions in March and buyers are still hesitant to make a move.
You can still buy a regular home in the city if that is what you want. But if you want to buy property slightly on the luxury side, you will think again and hesitate. There are about 20 to 30% of buyers that are limited by the restrictions. Other buyers with no limitations, they are still observing how the restrictions change the market and they won't buy in the near future.
People who already own a home is Shanghai have to pay at least 50% down if they want buy a second home for living and 70% down if they want to buy property for investment. Property agent said that buyers have decreased by as much as 60% since the restrictions took effect.
