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Average existing home price rises 2.9% in Shanghai
By Cherry Cao |
February 7, 2013, Thursday
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Online Edition
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SHANGHAI'S existing home market started the year on a strong note despite a shrinking inventory of houses for sale.
More than 21,000 units of previously occupied homes changed hands in the city last month, the highest rate of sales for January in eight years, Shanghai Deovolente Realty Co said today in a report.
The sales represented a year-on-year surge of 479 percent and a fall of 7.2 percent from December.
The average cost of the homes climbed 8.5 percent year on year, or 2.9 percent month-on-month, to 17,681 yuan (US$2,815) per square meter, a record in the city.
"Despite decreasing inventory of existing homes, robust transactions were registered last month though January is traditionally a low season for property purchases," said Lu Qilin, a researcher at Deovolente. "Solid demand from end-users continued to boost confidence and more homeowners are raising asking prices or holding back from putting homes on the market."
The city's inventory of existing homes for sale fell from 165,000 at the beginning of 2012 to about 141,000 now, according to market data.
However, as owners lift asking prices, it may hinder sales in coming months, industry analysts said.
"We've noticed wider gaps between buyers and sellers recently in terms of price expectations," said Huang Hetao, a research manager with Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers. "A 10 percent price gap is not rare at the moment."
More than 21,000 units of previously occupied homes changed hands in the city last month, the highest rate of sales for January in eight years, Shanghai Deovolente Realty Co said today in a report.
The sales represented a year-on-year surge of 479 percent and a fall of 7.2 percent from December.
The average cost of the homes climbed 8.5 percent year on year, or 2.9 percent month-on-month, to 17,681 yuan (US$2,815) per square meter, a record in the city.
"Despite decreasing inventory of existing homes, robust transactions were registered last month though January is traditionally a low season for property purchases," said Lu Qilin, a researcher at Deovolente. "Solid demand from end-users continued to boost confidence and more homeowners are raising asking prices or holding back from putting homes on the market."
The city's inventory of existing homes for sale fell from 165,000 at the beginning of 2012 to about 141,000 now, according to market data.
However, as owners lift asking prices, it may hinder sales in coming months, industry analysts said.
"We've noticed wider gaps between buyers and sellers recently in terms of price expectations," said Huang Hetao, a research manager with Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers. "A 10 percent price gap is not rare at the moment."
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