Sea View Properties in Huizhou, Weihai, and Other Locations Experience Price Drops: Transactions for 145 sqm at 250,000 RMB, Large Number of Second-Hand Homes for Sale
The allure of sea view properties in Chinese cities like Huizhou and Weihai is diminishing, with significant price drops observed. Initially sought after for their picturesque views and investment potential, these properties are now facing a market adjustment. Notable instances include transactions for 145 sqm properties at just 250,000 RMB. A combination of overdevelopment, a shift in market demand, and the practical challenges of maintaining such properties has led to a large inventory of unsold second-hand homes. Despite past popularity, driven by idealized living and investment expectations, the reality of high vacancy rates, maintenance issues, and a cooling market has resulted in decreased values. This trend highlights the changing dynamics in China’s real estate market, particularly in previously booming vacation spots.
Continue reading