City's new home sales and supply rebound

By Cherry Cao | February 24, 2014, Monday |

Online Edition

SHANGAHAI saw a rebound in both new home sales and supply last week amid gradually recovering sentiment among home seekers and real estate developers.

The purchases of new residential properties, excluding government-funded affordable housing, jumped 55 percent to 158,000 square meters during the seven-day period that ended Sunday, Century 21 China Real Estate, one of the largest real estate chains in the city, said in a report released today.

"The local housing market picked up its strength for the second straight week though overall momentum still seemed rather sluggish," said Huang Hetao, duputy director of research at Century 21. "Total transactions of new houses may hover around 400,000 square meters in Shanghai this month, which could be the lowest monthly volume in about two years."

Inadequate supply of new homes in the medium- to low-end segment, as well as increasingly prevalent "wait-and-see" sentiment among home seekers were two major reasons behind current slack sales, Huang added.

By price, new homes were sold for an average 24,000 yuan per square meter last week in Shanghai, a week-on-week decline of 8.3 percent mainly due to structural impact, Century 21 data showed.

On the supply side, meanwhile, a total of 253,000 square meters of new homes were released to the local market last week, about five times the volume introduced during the previous seven-day period.

Real Estate

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

City's new home sales and supply rebound

Email this to your friend