Hot property in Tianjin
Updated: 2008-01-07 14:59
"The government's commitment to promoting Tianjin as an economic power in North China is exciting news for all property developers," says Li Silian, R&F's president.
The investment frenzy has pushed up property prices at a rapid pace. According to statistics from the Tianjin Economic and Technological Development Area (TEDA), price increases reached as high as 38 percent year-on-year in 2005 and 25 percent during the January to July period of 2007.
Property sales in downtown Tianjin remain brisk. In 2003, the average residential property price around the city stood at between 1,000 to 2,000 yuan per sq m, but the figure climbed to more than 9,000 yuan per sq m by last November.
"I think the price is unreasonably high, but I am still planning to buy an apartment. Everyone says it will go up," says one commentator on the online real estate portal www.soufun.com.
Industry experts hold the same opinion, saying prices will continue to rise in the near future, fuelled by the strong regional economy, convenient transportation, a land supply shortage and growing disposable incomes among Tianjin residents.
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