Living
Property Pitfalls
Shoddy construction work, continual repossessing of lands for municipal developments, and over-speculation are just a few of the problems in Shanghai’s real estate market. Before buying, have a structural engineer or architect check out the foundations of the home – many hastily thrown-together complexes in the city will be lucky to last another 20 years.
If your home is suddenly in the way of a new Shanghai Metro line or mall, the government is obligated to buy the property back at the local market price (read: the minimum price you would pay for the property). The property owners are usually told five years ahead of time. To avoid purchasing an apartment not long for this world, buyers can view the next five-year city plan at the Housing and Planning Bureau. The Shanghai Municipal Housing, Land and Resource Commission (95 Beijing Xi Lu; 6319 3188) can guide you to your district’s map. Your real estate agent should also be able to direct you to the proper district office. Buying in a municipal preserved building (baohu jiance), marked by a bronze plate on the building’s exterior, also decreases the chances of an impending wrecking ball.
If your home is suddenly in the way of a new Shanghai Metro line or mall, the government is obligated to buy the property back at the local market price (read: the minimum price you would pay for the property). The property owners are usually told five years ahead of time. To avoid purchasing an apartment not long for this world, buyers can view the next five-year city plan at the Housing and Planning Bureau. The Shanghai Municipal Housing, Land and Resource Commission (95 Beijing Xi Lu; 6319 3188) can guide you to your district’s map. Your real estate agent should also be able to direct you to the proper district office. Buying in a municipal preserved building (baohu jiance), marked by a bronze plate on the building’s exterior, also decreases the chances of an impending wrecking ball.
