On Dec. 8, 2021, house prices in Mudanjiang City, Heilongjiang Province, recently fell to an unbelievably low rate. A 55-square-meter house had an asking price of just $8,600, and there was no buyer.
According to a report by China Business News from a real estate information platform, on Dec. 8, real estate prices in Aimin district and Yangming district of Mudanjiang city were below $15,000 for an apartment.
Mudanjiang has nearly 150 homes priced at less than $15,000 each. The cheapest apartment is $6,000, measuring only 15 square meters. For a 55 square meter house, the price is an unbelievable $8,600.
Although home prices have been low, buyers have not been interested in September listings.
A real estate agent told China Business News that the house owner has changed to a new place and is now eager to sell the old house quickly at a low price. This apartment is far from the city center and is on the top floor, so the asking price is very low. Due to the impact of the epidemic, old house prices are falling. In addition, interior design, time of use, and house location will also affect the house’s selling price.
Not only pre-owned houses, but new house prices are also falling. According to the National Bureau of Statistics of China, on Nov. 15, housing data for 70 cities across the country was released. Mudanjiang is one of eight model cities in Northeast China, where new and pre-owned homes have significantly lower prices.
On average, the new home price reduction rate has decreased by 50% a month, down by 130% per year. The average old house price ratio decreased by 80% per month and 480% a year, Epoch times reported.
Agent Li Cheng said that most of the new houses in the urban area are discounted in the form of various promotions. Labor costs and steel and cement prices are currently increasing.
Meanwhile, Chinese investors lower their prices to the break-even point due to the low demand in the real estate market. Even so, no buyers are fighting for these opportunities.
The real estate golden time has gone.