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October 27, 2009

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Home » Business » Real Estate

Suburban Sales Drive New Home Deals To Highest

THE weekly transaction volume of new homes in Shanghai surged to the highest in nearly four months as rural areas experienced extremely robust sales.

Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, jumped 35 percent to 451,600 square meters last week, the highest since the week ended July 5th, Shanghai Uwin Real Estate Information Services Co said yesterday.

In the meantime, the shift in focus by home buyers to suburban districts, a result of decreasing affordability in downtown areas of the city, caused the average home price to drop 6 percent to 17,327 yuan (US$2,536) per square meter from a week earlier, according to Uwin research.

"Nanhui and Jiading saw their volumes more than doubled compared with the previous week while the transaction volume in Baoshan, Songjiang and Minhang also rose significantly, by 89 percent, 73 percent and 74 percent, respectively," said Lu Qilin, a Uwin researcher.

"Many residential developments we've been tracking, mostly located around the Outer Ring Road, have been so popular among buyers that more than 90 percent of their units were sold within just a week after they became available for sales," he added.

Across the city, the supply of new homes fell 42 percent last week to 234,900 square meters, according to Uwin statistics.

Analysts forecast the transaction volume of new homes to remain rather high in the city for some time as China's strong economic data for the past quarter might continue to boost consumer confidence.


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