Desire to own one’s own home still strong
Many things have been postponed due to the COVID19 outbreak, but one thing still maintains its allure — the desire to own one’s own assets.
It may be a house, a car, bank deposits — or anything — that is long-term and stable to help one protect against unexpected risk. Many people have lost jobs or have had incomes reduced as the epidemic has had significant impact on multiple industries. So maybe it’s time to change idle lifestyles that rely on meager salaries, rented rooms and Ant Credit Pay.
Having been a tenant in Beijing for more than four years, it’s rather interesting to know that prices for existing homes in the city dropped 0.2 percent in February month-on-month. After all, I never expected housing prices would drop in light of the large migrant population and value of property in the capital. I checked the website of major real estate agency Homelink, particularly unit prices in the community where my rented home is located near the fourth ring road in northeast Beijing. They were still high at 70,000 ($9,920) to 90,000 yuan per square meter. OK, that’s it, end of story.
I share an apartment with three roommates, all of whom left Beijing and returned one by one. That means I had to stay quarantined with them. Together, it was about 40 days, although I never left the city. To keep myself safe, I wore surgical masks while using the kitchen and restroom. The social distancing among roommates also became larger. Before the epidemic, the couple living in the main bedroom shared homemade noodles, steamed stuffed buns and sushi with me, and I shared homemade roasted chicken wings. Now, we barely speak.
I read on Sina Weibo that some migrant workers cannot get back to their rented apartments after returning to Beijing from their hometowns. They are prevented from doing so by landlords, the residential community itself or even by their own roommates. This is due to concern over infection or quarantine issues. In that case, they have to find accommodations by themselves. I also heard about some tenants who stayed at home for more than two months because of the lockdown, but still had to pay rent in other cities.
During quarantines, most of the time I was reading news, cooking and writing alone. The only souls I talked to were my parents, who live in Wuhan, the original epicenter of the outbreak. I also imagined if I had a home of my own, maybe I could bring them here to “escape” the crisis.
Industry insiders expect the real estate sector to be less affected by the epidemic and foresee a rebound after the virus recedes. This is because most Chinese still regard owning their own home a major attraction. After all, housing gives a sense of security. There is a significant difference between paying rent and mortgage. One grows every year, the other is relatively stable. And one feels like one works for the landlord, while the other is an investment in the future. Besides, no one can drive you away from your own house except for on rare occasions. Experts say housing prices are likely to remain stable due to the tight regulations. It’s still long way off for me to be able to afford a home, but at least there are positive prospects to behold.