You are here:Home>> Sanya Government >> Introductions of various services

The Sanya Real Estate Price Review

Indeed, Real estate in Sanya is a fast-moving and booming business with skyrocketing price. In foreign countries, especially in developed countries, real estate markets is more mature for both developers and potential buyers and it does not move so fast. In February2009 the price of an apartment was quite reasonable, ranging from 6000rmb per square meter to 8000rmb per square meter. (1 US dollar is around 6.5 Chinese RMB). After the the State Council released Opinions on Making Hainan an International Tourism Island on December 31, 2009, price of real estate in Sanya witnessed a stunning rise,  ranging from 20000rmb per square meter to 30000rmb per square meter (many of them does NOT have any interior decoration). The most expensive luxury suite is on the Phoenix Island, the Chinese counterpart of Dubai’s Palm Jumeirah and a man-made island that is situated at the beautiful Sanya Bay. The average price of property on this Chinese version Palm Jumeirah was about 60000rmb per square meter to 70000rmb per square meter in January, 2010. And currently, the price is already 90000rmb per square meter for the most expensive property units on the little artificial island. Luxury Resort/Golf Apartments along Yalong Bay and Haitang Bay Area are already around 50,000rmb per square meter. The high price of property is another way to let you know that you are in the Hawaii of China.

In addition to this, in developed countries such as USA, UK, and most other western European countries, where markets have transparency, potential property buyers can easily pull the comps of every sale in the area to compare sale prices. And it is very hard to find huge price discrepancies on properties which are quite similar. However, in Sanya, when you want to buy second-hand NEW properties, it is another story. Reporters found that there are two penthouse units with the luxury level decoration with granite floors, Corian counters, first-class door/window frames and other upgrades at a very famous apartment complex for sale in Sanya. They are both very close to 240 square meters. One owner is asking 22,000rmb per square meter while the other owner’s price for his unit is 30,000rmb per square meter. The two units are completely identical in terms of layout of the rooms and they are in the same building.

In terms of buying property in Sanya, to buy or not to buy, that is a question. Markets are being fed by unprecedented amounts of liquidity flowing into the local real estate market comprised of both private and government funding. On the one hand, following government spending commitments on infrastructure and other economic stimulus programs is a wise investment strategy. On the other hand, buying property at such high price for investment is a huge gamble and the future about financial gain is still murky. Even with very professional analysis, one may win or lose in this game because this market is so unique. However, for those very rich people who just want to own a good suite in this tropical paradise to reward and indulge themselves, buying properties in Sanya is a good choice. Why not?

2011-03-24