SHFTZ PUSHES UP PROPERTY PRICES

SHFTZ PUSHES UP PROPERTY PRICES

SHANGHAI FREE TRADE ZONE PUSHES UP PROPERTY PRICES
 
This residential community in Lingang sits near the Yangshan Deep-Water Port in an area that will be part of the free trade zone. Apartments sell for between 10,000 and 15,000 yuan a square meter, but only six apartments were sold in the neighborhood last year as it is 70 kilometers from downtown. But following reports in March that a free trade zone would be set up, sales improved significantly. More than 420 apartments have been sold in the area since then.
 
"The air is good here. And the free trade zone is near, I think that will make my property rise in value."
 
And in Pudong's Waigaoqiao, which will also be part of the free trade zone, the average price of apartments in one residential project has climbed from 30,000 to nearly 40,000 yuan a square meter, nearly matching downtown prices.
 
"The free trade zone will attract some companies, and they will bring more people to live here. That will push up housing prices."
 
"In the long run, the position of free trade zone has postive effects on nearby housing prices. But the value of homes will be affected not only by surroundings, but also by supply and demand, and available residential projects," said Luo Yinshen of Century 21. 
 
Luo also says buying property around the proposed free trade zone is risky at the moment, because the zone is still in the planning phase.

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