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5-week rally ends for new homes sales
By Cherry Cao |
March 12, 2012, Monday
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Online Edition
Online Edition
SALES and supply of new residential properties both declined in the city last week, terminating a five-week rally lasting from the end of Spring Festival, according to market data released today.
Purchases of new homes, excluding government-funded affordable housing, fell 25.8 percent week-on-week to 149,400 square meters during the seven-day period that ended Sunday, Shanghai Deovolente Realty Co said in a report.
They were sold for 20,687 yuan (US$3,270) per square meter, an increase of 1 percent from a week earlier.
"In general, the local housing market is still on track to gradually recover despite the drop recorded last week," said Lu Qilin, a researcher at Deovolente. "Whether developers agreed to offer significant cuts remained a crucial factor to the fluctuation of transaction volumes."
So far this year, an average of 86,000 square meters' new houses were sold in the city every week, Deovolente data showed.
Purchases of new homes, excluding government-funded affordable housing, fell 25.8 percent week-on-week to 149,400 square meters during the seven-day period that ended Sunday, Shanghai Deovolente Realty Co said in a report.
They were sold for 20,687 yuan (US$3,270) per square meter, an increase of 1 percent from a week earlier.
"In general, the local housing market is still on track to gradually recover despite the drop recorded last week," said Lu Qilin, a researcher at Deovolente. "Whether developers agreed to offer significant cuts remained a crucial factor to the fluctuation of transaction volumes."
So far this year, an average of 86,000 square meters' new houses were sold in the city every week, Deovolente data showed.
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