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September 3, 2009

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Home » Business » Real Estate

Home sales nearly double

SALES of new luxury homes in Shanghai extended their rally for the seventh consecutive month when they nearly doubled in August amid an abundant supply.
A total of 590 luxury houses, all costing more than 40,000 yuan (US$5,856) per square meter, were sold in the city last month, compared with 310 units in July and 626 units registered during the first half of this year, according to a research released yesterday by Shanghai Uwin Real Estate Information Services Co.
"The 90 percent monthly increase in volume was primarily due to a notable boost in supply during the past month," said Lu Qilin, a researcher at Uwin. "With growing speculation of a tighter monetary policy by the central government, many wealthy people turned to purchasing luxury houses as a hedge against inflation."
The supply of luxury houses soared by more than tenfold to some 142,000 square meters last month, mainly fueled by Star River and Bund House, which each introduced 322 units, or 95,400 square meters, and 88 units, or 28,000 square meters, to the market in early August, Uwin statistics showed.
By the end of August, Star River, a luxury development in Pudong's Huamu area, sold a total of 254 apartments while Bund House in Huangpu District sold 58 units, according to the city's official housing Website.
The average price for luxury homes, however, fell by 10 percent month on month to about 53,300 yuan per square meter, the lowest since August 2008, Uwin statistics showed.
"Buying sentiment for top-end homes may remain strong in September as more luxury projects, both villas and apartments, are scheduled to come out this month," said Xue Jianxiong, an analyst with E-House (China) Holdings Ltd.
Major real estate developers including Top Glory, Hutchison Whampoa, CR Land and Shanghai Greenland will probably launch their high-end residential projects soon, with prices likely ranging from 60,000 yuan to 100,000 yuan per square meter, industry people said.


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