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October 30, 2009

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Deals in existing homes rebound

SHANGHAI saw a rebound in the transaction volume of existing homes in October amid an increasing supply and a continued recovery in momentum, two of the city's leading real estate brokerages said.

"As sentiment picked up significantly in the last week of this month, we expect the October volume to register a slight increase from September, ending a three-month decline," said Li Jinde, a deputy general manager with Shanghai Centaline Property Consultants Ltd, one of the city's leading property estate firms.

Across the 160 branches operated by Centaline in the city, the transaction volume of existing homes rose the most, or 20 percent month on month, in Pudong New Area and Hongkou and Yangpu districts while Baoshan and Putuo districts stayed basically unchanged from a month earlier.

However, transaction volume in some downtown districts including Jing'an, Changning and Luwan continued to drop 10 to 15 percent compared with September, according to the company's research.

Sentiment in the existing home market in Shanghai began to weaken from July as a result of widening price gap between home owners and buyers.

Centaline said its transaction volume of existing homes dropped by around 10 percent in July, 20 percent in August and 15 percent in September.

An increase in supply was the major reason behind the rebound, market observers said.

Century 21 China Real Estate, another major real estate chain in the city, said the new supply of existing homes rose by about 5 to 10 percent at its branches this month.

There was a 10 percent rise in new supply from September in Gaojing and Songnan areas in Baoshan, Wujiaochang in Yangpu and Shangnan in Pudong, its research showed.


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