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Buyers favor existing homes
By Cao Qian |
November 20, 2010, Saturday
|
Print Edition
Print Edition
BUYING momentum of existing houses in Shanghai was rather stable in the first half of November after turning sluggish in October because the latest policies by the government to rein in speculation have yet to impact fully on volume and prices.
About 6,400 units of existing properties, mainly houses, were sold across the city in the first 17 days of this month, a decline of 2.5 percent from a month earlier, according to Century 21 China Real Estate, operator of the city's second-largest estate chain. That compared with a monthly drop of 50 percent in volume in the city's new home market during the same period.
In October, sales of existing properties fell 23.4 percent month on month to 13,400 units in Shanghai after the city launched its latest round of tighter measures, including capping the number of homes a family can buy.
"Compared to the new housing market, the existing home market usually appears more resilient to government crackdown measures," said Hau Piu Ip, general manager of Shanghai Ruifeng, which owns and operates Century 21 sales offices across the city.
"From our previous experience, the existing home market is a more flexible one as individual home owners can usually adapt faster to market changes than developers," he said.
About 6,400 units of existing properties, mainly houses, were sold across the city in the first 17 days of this month, a decline of 2.5 percent from a month earlier, according to Century 21 China Real Estate, operator of the city's second-largest estate chain. That compared with a monthly drop of 50 percent in volume in the city's new home market during the same period.
In October, sales of existing properties fell 23.4 percent month on month to 13,400 units in Shanghai after the city launched its latest round of tighter measures, including capping the number of homes a family can buy.
"Compared to the new housing market, the existing home market usually appears more resilient to government crackdown measures," said Hau Piu Ip, general manager of Shanghai Ruifeng, which owns and operates Century 21 sales offices across the city.
"From our previous experience, the existing home market is a more flexible one as individual home owners can usually adapt faster to market changes than developers," he said.
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