Chinese New Year is coming early this year, and with it, the launch of many new properties. In fact, 2023 is expected to see three times as many new launches as 2022, with over 12,000 units expected to hit the market. But the question remains: should you buy one of these new properties?
According to many experts, the prices of new launches have hit a benchmark, meaning that they are at record highs. This is partly due to the fact that in recent years, properties have sold out more quickly than ever before. In the past, it was not uncommon for properties to take four or five years to sell out completely. But now, some properties are selling out in as little as one or two years. As a result, developers are able to command higher prices for their properties.
However, this does not mean that developers are necessarily buying cheap and selling high. Instead, it is simply a matter of supply and demand. If people are willing to pay high prices for new properties, developers will charge those prices. And as long as people continue to buy, developers will continue to charge high prices.
Despite the high prices, there are still many reasons why you might want to consider buying a new property in 2023. For one thing, new properties are often cheaper on the launch day than they are as they get closer to completion. This is because people don't like to wait, and they are willing to pay more to avoid waiting. So if you buy a property on the launch day, you may be able to get a better deal than if you wait.
Another reason to consider buying a new property in 2023 is that the market is currently in a bit of a waiting game. While there are many new properties coming onto the market, there is also a sense that sales may be slower than in previous years. This means that you may have more time to make a decision about whether or not to buy, and you may be able to get a better deal if you wait.
Ultimately, whether or not you should buy a new property in 2023 depends on a variety of factors, including your budget, your investment goals, and the state of the market. However, one thing is certain: with so many new properties hitting the market, there has never been a better time to consider buying a new home. So if you're in the market for a new property, now may be the perfect time to start looking.