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Shanghainese Like to Buy Property for Investment

Shanghai residents are considering buying properties their top investment option, with most locals predicting housing prices to keep rising in the coming two years, the Labor Post reported today.

On how to make investment with 800,000 yuan (US$96,400), 67 percent of local respondents are opting to buy housing properties, 27 percent choose to buy insurance and 23 percent are preferring to buy stocks, according to a survey.

Fifty-one percent of interviewees consider that mid and high-end second-hand housing prices will continue to rise in the coming two years, 39 percent think housing prices will be stable and only ten percent consider the price will drop, the survey indicated.

Rapid property price increase is cited as the main reason for more locals to buy housing for investment purposes, said a survey analyst.

Most locals buy properties via housing agencies though only 16 percent of interviewees are satisfied with their services, according to the survey.

Eighty-four percent of home sellers and 77 percent of buyers are willing to trade properties via housing agencies, the survey indicated.

Local property agencies should improve their service quality and standard, the analyst said.

(eastday.com August 1, 2003)


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