Real estate has lost its allure as an investment option in Wenzhou, Zhejiang province, since property prices tumbled due to purchasing curbs imposed by the central government.

The average price of residential apartments in Wenzhou has dived by about 24 percent since 2012, according to the latest figures from the city's prices bureau.

In addition, the average price of land has dipped to a five-year low, while the value of some villas has fallen by 50 percent since 2010.