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City new home sales hit 2-month low
By Cao Qian |
July 24, 2012, Tuesday
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Print Edition
Print Edition
NEW home sales fell to the lowest in about two months in Shanghai last week while the average price also dropped amid lackluster sales of luxury houses, industry data showed yesterday.
Purchases of new residential properties, excluding government-subsidized affordable housing, dropped 16.8 percent from a week earlier to 175,500 square meters during the seven days ended on Sunday, Shanghai Deovolente Realty Co said in a report.
"Weekly sales dropped to the lowest in nine weeks as some real estate developers started to ease off on discounts amid continuously improving sentiment among home seekers," said Lu Qilin, a Deovolente researcher.
A residential project near Changfeng Park developed by China Overseas Property Group, for instance, sold 16 units last week for an average price of 39,502 yuan (US$6,181) per square meter, according to Deovolente data. That compared with an average price of 38,100 yuan per square meter registered in June.
"Meanwhile, sluggish sales of luxury developments dragged down the average price to the lowest in six weeks," Lu said. Twenty-eight new homes costing more than 50,000 yuan a square meter were sold during the seven-day period, down from 51 units a week earlier.
Buyers paid an average 23,408 yuan per square meter for the new homes across the city last week, a decrease of 7.9 percent on a weekly basis.
Purchases of new residential properties, excluding government-subsidized affordable housing, dropped 16.8 percent from a week earlier to 175,500 square meters during the seven days ended on Sunday, Shanghai Deovolente Realty Co said in a report.
"Weekly sales dropped to the lowest in nine weeks as some real estate developers started to ease off on discounts amid continuously improving sentiment among home seekers," said Lu Qilin, a Deovolente researcher.
A residential project near Changfeng Park developed by China Overseas Property Group, for instance, sold 16 units last week for an average price of 39,502 yuan (US$6,181) per square meter, according to Deovolente data. That compared with an average price of 38,100 yuan per square meter registered in June.
"Meanwhile, sluggish sales of luxury developments dragged down the average price to the lowest in six weeks," Lu said. Twenty-eight new homes costing more than 50,000 yuan a square meter were sold during the seven-day period, down from 51 units a week earlier.
Buyers paid an average 23,408 yuan per square meter for the new homes across the city last week, a decrease of 7.9 percent on a weekly basis.
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