[photopress:shanghaiapartments.jpg,full,alignright]Paul Beasley writes: ‘If shrewd overseas property investment were simply about finding which national economy was booming, then almost every penny would be invested in the China property market.’
He goes on to write that China has the fastest growing economy in the world, with GDP growth at 9.00 per annum over the past 21 years. Foreign Direct Investment, which has increased at 26 per cent a year for the past 14 years, has helped drive the Chinese economy onwards, while incomes in urban areas increasing an average of 8 per cent a year since 1998 has been one of the results.
Property prices have followed the general economy trend, increasing nationwide at 10-40 percent per annum for the last five years.
He warns: As with every other overseas property transaction, only the right property in the right place at the right time will bring financial rewards. Some China property agents are tipping apartment complexes as the best bet in the short to mid term.
Pauline Scrace from International Horizons is one such agent. She believes that apartments in Shanghai currently represent some of the best property investment potential in China.
She said, ‘Shanghai is the business and trade centre for the country, and has many opportunities for investments for the domestic buyer and international property investment. It has one of the world’s major ports and has a large expat community because of its international outlook. Prices for similar apartments in London, Tokyo, New York and Hong Kong can be two-thirds higher. Luxury apartments in Shanghai have doubled in value since 2003, according to Business Week.’
Source: World of Property