Despite sluggish sales overall in Beijing's real estate market, things are picking up for smaller pre-owned units... largely due to a new policy cutting tax on transactions for second hand houses. Chen Lijun tells us more.
Mr. Dong and his wife bought a house during the spring festival. Although it's small, it has good facilities and easy transportation. The price is just 310 thousand yuan. The down payment is just sixty thousand yuan. Plus tax, the total amount is 80 thousand yuan. Without the preferential tax policy, the total amount would be 90 thousand yuan. said Dong.
File photo
The couple selected this house based on their finances.
His wife said Its monthly payment is only 13 hundred. For young couple like us, it is affordable.
According to real estate agencies in Beijing, from the beginning of this year, many people are interested in second hand houses. Some even made deals during the spring festival.
Vice GM from 5i5j.com Hu Jinghui said Currently, apartments under ninety square meters account for seventy percent of the deals. The pre-owned market is active with first time home buyers who are interested in small apartments.
Hu says these transactions surged by 40 percent in January thanks to the preferential tax policy recently issued by government. In addition, consumers have become more realistic. Consumers buying habits have changed. They used to only want large properties, now they are more realistic and considering the long run. Hu said.
Real estate consultants suggest that as consumer can move into pre-owned houses immediately, it's better for consumers to choose low priced or low down payment houses. It's easy for them to sell or rent in the future. In addition, a two-year old unit not only enjoys facilities that are nearly new, but also preferential tax treatment.
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