Related News
Home 禄 Business 禄 Real Estate
Correction for Shanghai real estate sales
By Cao Qian |
September 7, 2009, Monday
|
Online Edition
Online Edition
SHANGHAI'S real estate market finally entered a correction in August amid setbacks in both volume and price.
About 23,700 properties were sold across the city last month at an average price of 12,700 yuan (US$1,859) per square meter, a drop of 18 percent in volume and a retreat of 1 percent in price, according to latest research by Century 21 China Real Estate.
"Notably the price decrease, though very slight, was the first in 10 months while transaction volume has been losing strength for two straight months," said Huang Hetao, a researcher at Century 21 China Real Estate, which runs the city's second-largest brokerage chain. "A drop in both volume and price indicated that a real correction might have started."
Across the city, only three suburban districts of Fengxian, Jinshan and Qingpu registered increases in volume while districts of Huangpu, Jing'an, Xuhui and Yangpu all recorded significant decrease of more than 30 percent, Century 21 statistics showed.
A stricter down payment rule on second homes, coupled with widened price gaps between sellers and buyers, has been hindering sales of existing homes, industry analysts said.
In particular, sales of existing properties costing less than 900,000 yuan per unit continued to shrink in August, accounting for 59 percent of total deals secured last month. Meanwhile, those with a price tag of between 900,000 and 1.5 million yuan, 1.5 million to 3 million yuan and 3 million to 5 million yuan, all gained slightly, taking 26 percent, 11 percent and 2 percent, respectively.
About 23,700 properties were sold across the city last month at an average price of 12,700 yuan (US$1,859) per square meter, a drop of 18 percent in volume and a retreat of 1 percent in price, according to latest research by Century 21 China Real Estate.
"Notably the price decrease, though very slight, was the first in 10 months while transaction volume has been losing strength for two straight months," said Huang Hetao, a researcher at Century 21 China Real Estate, which runs the city's second-largest brokerage chain. "A drop in both volume and price indicated that a real correction might have started."
Across the city, only three suburban districts of Fengxian, Jinshan and Qingpu registered increases in volume while districts of Huangpu, Jing'an, Xuhui and Yangpu all recorded significant decrease of more than 30 percent, Century 21 statistics showed.
A stricter down payment rule on second homes, coupled with widened price gaps between sellers and buyers, has been hindering sales of existing homes, industry analysts said.
In particular, sales of existing properties costing less than 900,000 yuan per unit continued to shrink in August, accounting for 59 percent of total deals secured last month. Meanwhile, those with a price tag of between 900,000 and 1.5 million yuan, 1.5 million to 3 million yuan and 3 million to 5 million yuan, all gained slightly, taking 26 percent, 11 percent and 2 percent, respectively.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
