In recent years, the real estate market in mainland China has been particularly bleak, with those selling second-hand houses experiencing the most frustration. Transactions are few and far between, as the market downturn has left many sellers without as many potential buyers. Those who are in urgent need to sell their properties can only resort to drastically lowering prices, but most are reluctant to do so.
The situation has become so dire that heartbreaking stories are emerging from those who have personally experienced the harsh reality of plummeting property prices. One homeowner shared the painful experience of selling their house at a significantly reduced price, describing the process as heart-wrenching.
Anhui blogger Qi Lin revealed on July 27 that the property prices in Nanjing have become a huge joke, causing a significant blow to her. She purchased a house in Nanjing in 2019 and now finds herself having to sell it at half the original price, which is a substantial financial loss that she finds hard to bear.
Recalling the decision to buy the house, Qi Lin mentioned that friends had advised her against rushing into purchasing the property, but she proceeded with the purchase using savings she had at the time. However, their circumstances took a turn for the worse as her husband faced business setbacks in 2020, exacerbated by the impact of the pandemic, leading to the decision to sell their house.
Qi Lin explained the financial toll they faced, having initially bought the house for 1.8 million yuan and spending additional funds on renovations. Despite efforts to sell the property at the purchase price, there were no interested buyers even after lowering the asking price. The ongoing struggle of managing mortgage payments without a successful sale has left them uncertain about their next steps.
Blogger Xiaoma also shared her perspective, highlighting the shock of witnessing the drastic depreciation in property values in Nanjing. She recounted purchasing a property in the outskirts of Nanjing for 110,000 yuan per square meter in 2019, only to see its value plummet to 50,000 yuan per square meter. The unexpected price drop has left her with a significant loss that she finds impossible to bear, especially as a working-class individual.
Another account came from Ms. Feng in Jiangxi, who tearfully sold her house after its value dropped from 2.8 million to 1.4 million yuan. Despite her reluctance to sell, urgent financial needs prompted her decision. Initially purchasing the house for over 1.3 million yuan in 2014, Feng found herself facing the realities of a drastically changed market due to the pandemic’s impacts.
The struggles of selling a house in the current market conditions have taken a toll on homeowners, with many facing significant losses and emotional turmoil. The continuous decline in property prices has left individuals grappling with tough decisions, often having to sell at much lower prices than anticipated.
In conclusion, the challenges faced by individuals in the current real estate market in China serve as a sobering reminder of the uncertainties and financial risks associated with property investments. The stories shared by homeowners paint a vivid picture of the hardships endured amidst the fluctuating market conditions, reflecting the broader struggles faced by many in navigating the volatile real estate landscape.