Hangzhou Existing Home Prices Exceed New Homes, Buying Restrictions Arrive

Developed cities such as Beijing have higher existing home price because new construction is far outside of the city center, but the crunch in Hangzhou is blamed on a supply/demand imbalance. Post-G20 many outside investors showed up to buy:
Centaline Property Research Center statistics show that in the first eight months of 2016, Hangzhou housing the total sales volume of 133,562 units, surpassing the 2015 annual 125,217 sets; Hangzhou commercial housing inventory of 124,957 units by the end of August, back to May 2014 inventory levels. Among them, the main city residential sale listings 21,582 homes.

President of the Academy of Hangzhou transparent houses Fang Zhang then that this year, Hangzhou real estate market there have been many positive changes, but the rapid growth of foreign buyers groups, the proportion of non-resident buyers has reached 33.8% in August; one week after the G20, outsiders later the proportion of 39.3%, foreign buyers source further expansion.

Stock reflected in the price on the emergency began. Hangzhou city's average transaction price of 18,298 yuan in August / square meter, compared to last year in August rose 19%.
iFeng: 杭州购房潮调查:这一波投资客与十年前完全不同

Hangzhou is planning buying restriction too: 楼市重磅政策来了!前一夜这里的人都在抢房. Non-residents with 1 or more properties can no longer purchase homes within the city as of September 19. Sales on September 18 hit a record at 3265 homes. Existing home sales also hit a daily record of 1840 homes.

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