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Apartments for sale at weekend to fall by 45%
By Cherry Cao |
May 11, 2012, Friday
|
Print Edition
Print Edition
NEARLY 300 units at four apartment projects in Shanghai will be released at the weekend, a plunge of 45 percent from the previous weekend, according to research released yesterday by Soufun.com.
Although priced at 20,000 yuan (US$3,173) per square meter, the units will be generally sold at an average 15,000 yuan per square meter, a weekly dive of over 40 percent, the data showed.
"After staying above 25,000 yuan per square meter for three straight weekends, the average price will retreat to 15,000 yuan a square meter again this weekend as all of the projects are located beyond the city's Outer Ring Road and mainly target budget-conscious, first-time buyers," said Tang Zhengwei, a Soufun analyst.
"With property curbs strictly in place, they will remain the dominant force in the residential market and therefore a main focus for cash-thirsty real estate developers," Tang added.
The new units of between 71 and 140 square meters are sited in Baoshan, Songjiang and Minhang districts as well as Pudong New Area.
Although priced at 20,000 yuan (US$3,173) per square meter, the units will be generally sold at an average 15,000 yuan per square meter, a weekly dive of over 40 percent, the data showed.
"After staying above 25,000 yuan per square meter for three straight weekends, the average price will retreat to 15,000 yuan a square meter again this weekend as all of the projects are located beyond the city's Outer Ring Road and mainly target budget-conscious, first-time buyers," said Tang Zhengwei, a Soufun analyst.
"With property curbs strictly in place, they will remain the dominant force in the residential market and therefore a main focus for cash-thirsty real estate developers," Tang added.
The new units of between 71 and 140 square meters are sited in Baoshan, Songjiang and Minhang districts as well as Pudong New Area.
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