Potential buyers in Qionghai, Hainan province, look at a display model of sold-out residential buildings. (China Daily)
More than 200 potential property buyers have been pouring into the island every day since the end of last year, when the government unveiled its tourism plan, local media reported.
Prices are rising by about 1,000 yuan ($164) per sq m every day for some properties. Those properties that were priced at 15,000 yuan per sq m at the start of the year now cost 20,000 yuan, reports said.
Prices of some of the properties have already hit 70,000 yuan per sq m, with figures constantly fluctuating as real estate hunters flock to the island.
Ye Ning, a professional real estate speculator in Sanya, a popular coastal city in Hainan, said the sudden rise in prices is troubling.
“The average price of new apartments in Sanya’s Fenghuangdao International Port were already as high as 60,000 yuan to 70,000 yuan per sq m as of Jan 11.
Now, the figure has risen to 100,000 yuan,” said Ye, who started his business just two years ago.
“Compared with Haikou (the capital) and Sanya, where prices are already too high for most people, real estate in Qionghai, Wenchang and Boao are still better for the attractive locales and relatively low prices,”he said.
Potential buyers from Zhejiang province and the northeast, such as Heilongjiang, Jilin, and Liaoning provinces, are said to be the main force behind the skyrocketing prices. — read more at ChinaDaily.com…
