Home » Business » Real Estate
Caution dims housing sales
By Cherry Cao |
May 8, 2012, Tuesday
|
Print Edition
Print Edition
PURCHASES of new homes in Shanghai fell last week, and the average price slipped due to slack sales of mid- to high-end properties.
The sales of new homes, excluding government-funded affordable housing, shed 9.6 percent from a week earlier to 153,200 square meters in the city during the seven days ended on Sunday, said a report released yesterday by Shanghai Deovolente Realty Co.
"Home seekers have been taking a 'wait-and-see' attitude these days as they expect further price cuts by real estate developers while the developers are reluctant to offer larger discounts," said Lu Qilin, a researcher at Deovolente, explaining the reason for the current situation.
The weekly sales of new homes have been hovering around 150,000 square meters in Shanghai over the past month, according to Deovolente data.
New homes were sold last week at an average of 20,618 yuan (US$3,283) per square meter, down 15 percent from the week earlier.
Only 15 luxury housing units costing above 50,000 yuan per square meter were sold in the city, a weekly plunge of 60.5 percent.
A separate research by Shanghai Uwin Real Estate Information Services Co also showed that sales of new homes costing above 40,000 yuan a square meter dived 61 percent last week to 6,200 square meters.
Century 21 China Real Estate blamed the drop to the scarcity of potential buyers.
The sales of new homes, excluding government-funded affordable housing, shed 9.6 percent from a week earlier to 153,200 square meters in the city during the seven days ended on Sunday, said a report released yesterday by Shanghai Deovolente Realty Co.
"Home seekers have been taking a 'wait-and-see' attitude these days as they expect further price cuts by real estate developers while the developers are reluctant to offer larger discounts," said Lu Qilin, a researcher at Deovolente, explaining the reason for the current situation.
The weekly sales of new homes have been hovering around 150,000 square meters in Shanghai over the past month, according to Deovolente data.
New homes were sold last week at an average of 20,618 yuan (US$3,283) per square meter, down 15 percent from the week earlier.
Only 15 luxury housing units costing above 50,000 yuan per square meter were sold in the city, a weekly plunge of 60.5 percent.
A separate research by Shanghai Uwin Real Estate Information Services Co also showed that sales of new homes costing above 40,000 yuan a square meter dived 61 percent last week to 6,200 square meters.
Century 21 China Real Estate blamed the drop to the scarcity of potential buyers.
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