Zhujiang home costs more stable

PUBLISHED : Wednesday, 19 November, 2008, 12:00am
UPDATED : Wednesday, 19 November, 2008, 12:00am

If the northern perimeter of Tianhe fails to pique your interest, there are some properties on offer in Zhujiang New Town, a new central business district. Prices are higher, reflecting the location and quality of the properties.

'Home prices in Zhujiang New Town are relatively stable, compared with prices in suburbs such as Longgang, Huadu and Panyu,' said Woody Lam, the managing director of Savills for southern China.

While prices in the suburbs fell as much as 50 per cent from the peak last year, developers cut prices in their Zhujiang projects by 20 to 30 per cent on average, Mr Lam said.

'Owing to the smaller decline, would-be buyers are expecting a further decline in capital values, leading to slower property sales activity in the market,' he said.

Mr Lam said he expected a 15 to 20 per cent fall in home prices in Guangzhou, given the recent negative news about the slowing economy in the mainland and the closure of factories in nearby Dongguan.