Homebuyers tempted by small, older inner-city properties
China DailyOnce shunned by the market, small and older homes, typically referring to secondhand properties in core urban areas with a history of over 20 years, are now gaining popularity in China due to improved affordability and favorable financing conditions. There has been a noticeable increase in inquiries and transactions for small and older homes, said Chen Yingjie, an agent at Deyou, a real estate brokerage in Chengdu. According to monitoring data from Beike Research Institute's Chengdu branch, the proportion of secondhand properties priced below 1 million yuan continued to rise in May, indicating a positive trend in Chengdu's real estate market. These properties now offer a favorable cost-performance ratio, attracting buyers seeking affordable options in the real estate market, said Li Lin, an agent from real estate broker Lianjia in Hangzhou. The appeal of small and older homes in core urban areas lies in their potential for value appreciation and proximity to prime locations, said Yan Yuejin, director of the Shanghai-based E-house China R&D Institute.
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