China's property crisis is no secret to no one. More Chinese cities are taking steps to shore up the country's ailing real estate sector and boost investor confidence. The last ones were Shenzhen and Wuhan.
Shenzhen
Authorities in China's technology hub said they had lowered thresholds for minimum income tax and social security payments for non-locals and families looking to buy property in certain areas. At the same time, they allowed local families with two or more small children to purchase additional properties in these locations.
In November 2023, the city lowered down-payment requirements for second-home purchases in an attempt to revive the market.
Wuhan
The capital of central China's Hubei province has unveiled new measures to develop its secondary housing market.
Local families looking to sell their homes and buy new ones can now take advantage of lower mortgage rates. Furthermore, those who successfully “replace“ their homes within a certain period of time, will be entitled to a certain amount of subsidies.
Other major Chinese cities have recently introduced measures to encourage home buying. Authorities in Beijing, for example, have said they will allow locals and non-locals who qualify for social security to buy an additional home on the outskirts of the city.
The Shanghai Real Estate Association and other industry organizations have unveiled an initiative aimed at providing greater benefits to residents looking to sell their home and buy a new one.
In late April, Chengdu in southwest China said it would no longer check the qualifications of those interested in buying a home, while promising more support for "reasonable financial needs" of entrepreneurs.
Shares of Chinese real estate companies, especially cash-strapped developers, have already risen an average of 20% on the back of favorable policy measures.
In June, new home sales by China's top 100 developers fell 45% year-on-year and 12.9% from May to 312.2 billion yuan ($44.1 billion ), according to China Real Estate Information Corporation.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE