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Demand for smaller homes outstrips supply
By Cao Qian |
April 6, 2010, Tuesday
|
Online Edition
Online Edition
DEMAND for small and medium apartments continued to outstrip supply in Shanghai in the first quarter of this year, the latest industry research has found.
Between January and March, sales of new homes up to 120 square meters, excluding those designated for relocated residents under urban redevelopment plans, reached 962,000 square meters, accounting for nearly 53 percent of new homes sold in the city, according to Shanghai Uwin Real Estate Information Services Co.
However, the city's inventory of small and medium apartments stood at 1.85 million square meters as of Sunday, just one-third of the city's total new home stock.
"While small and medium apartments remained the most popular among home buyers especially the end-users, mainly due to their comparatively lower overall cost, supply seemed to be insufficient particularly in central parts of the city," said Lu Qilin, a Uwin researcher. "It is possible that such an imbalance might lead to some price increase."
Suburban districts of Songjiang, Jiading, Baoshan and Fengxian are currently the city's biggest suppliers of smaller homes), Lu said, adding that smaller apartments with downtown addresses are always popular due to their scarcity.
In the latest example, Fudun, a new development with about 150 units under 90 sq m within the Inner Ring Road -- at the intersection of Siping Road and Quyang Road – has allocated numbers to potential buyers, a salesman told Shanghai Daily today.
In boom times, potential buyers are allocated a number which allows them to select apartments when the project is officially launched.
The city's inventory of new homes with a floor space of less than 90 square meters currently stands at 951,000 square meters, compared with an overall apartment inventory of 3.95 million square meters, according to Uwin statistics.
Between January and March, sales of new homes up to 120 square meters, excluding those designated for relocated residents under urban redevelopment plans, reached 962,000 square meters, accounting for nearly 53 percent of new homes sold in the city, according to Shanghai Uwin Real Estate Information Services Co.
However, the city's inventory of small and medium apartments stood at 1.85 million square meters as of Sunday, just one-third of the city's total new home stock.
"While small and medium apartments remained the most popular among home buyers especially the end-users, mainly due to their comparatively lower overall cost, supply seemed to be insufficient particularly in central parts of the city," said Lu Qilin, a Uwin researcher. "It is possible that such an imbalance might lead to some price increase."
Suburban districts of Songjiang, Jiading, Baoshan and Fengxian are currently the city's biggest suppliers of smaller homes), Lu said, adding that smaller apartments with downtown addresses are always popular due to their scarcity.
In the latest example, Fudun, a new development with about 150 units under 90 sq m within the Inner Ring Road -- at the intersection of Siping Road and Quyang Road – has allocated numbers to potential buyers, a salesman told Shanghai Daily today.
In boom times, potential buyers are allocated a number which allows them to select apartments when the project is officially launched.
The city's inventory of new homes with a floor space of less than 90 square meters currently stands at 951,000 square meters, compared with an overall apartment inventory of 3.95 million square meters, according to Uwin statistics.
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