[photopress:property_quangzhou_World_Trade_Center_1_2.jpg,full,alignright]A survey has found that people who bought apartments in Guangzhou over the past few years have seen the value of their investments slump, and they believe there is worse to come.
Of the 1,600 recent homebuyers polled by the Guangdong provincial research and study center, 70% said they think apartment prices will fall this year, with more than 17% anticipating a ‘big’ drop.
In March, the average price of a new apartment in Guangzhou was RMB9,316 ($1,330) per square meter, up 0.1% on February.
All the respondents bought their homes between 2004 and last year. The average price last year was RMB11,574 per square meter.
A member of the research team said the property market is forecast to drop this year due to a number of factors, and this could force developers to reduce their prices.
The survey showed most people were cautious about buying a second property.
In the first quarter of this year, 8,988 apartments with a total area of 958,400 sq m were sold in Guangzhou, down more than 45% on the same period last year, the research center said.
Source: China Daily