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Sluggish property market this spring
By Cao Qian |
March 15, 2010, Monday
|
Online Edition
Online Edition
NEW home sales were sluggish in the first two weeks this month in Shanghai amid low supply.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, totaled 218,000 square meters between March 1 and March 14, less than half of the volume registered during same period last year.
Two-week supply, meanwhile, plunged to 93,000 square meters, under 10 percent of that available during same period in 2009, Shanghai Uwin Real Estate Information Services Co said today.
"Most real estate developers are holding sales campaigns at the moment as they are still not sure about how to price their products properly," said Lu Qilin, a researcher at Uwin. "They're facing a dilemma that sales will be affected if they set their prices too high or they might lose money if the price is set too low. Supply in small volumes could help test the water for them."
In Shanghai, market sentiment usually starts to pick up in March with both supply and sales rebounding notably after the traditional slack January and February.
Prices are holding above 20,000 yuan (US$2,928) per square meter. Average price of new homes stood at 20,487 yuan per square meter in Shanghai in the first 14 days of the month, compared to 19,696 yuan per square meter in February, according to Uwin statistics.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, totaled 218,000 square meters between March 1 and March 14, less than half of the volume registered during same period last year.
Two-week supply, meanwhile, plunged to 93,000 square meters, under 10 percent of that available during same period in 2009, Shanghai Uwin Real Estate Information Services Co said today.
"Most real estate developers are holding sales campaigns at the moment as they are still not sure about how to price their products properly," said Lu Qilin, a researcher at Uwin. "They're facing a dilemma that sales will be affected if they set their prices too high or they might lose money if the price is set too low. Supply in small volumes could help test the water for them."
In Shanghai, market sentiment usually starts to pick up in March with both supply and sales rebounding notably after the traditional slack January and February.
Prices are holding above 20,000 yuan (US$2,928) per square meter. Average price of new homes stood at 20,487 yuan per square meter in Shanghai in the first 14 days of the month, compared to 19,696 yuan per square meter in February, according to Uwin statistics.
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