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Developers hold off discounts as sentiment improves
By Cherry Cao |
September 26, 2012, Wednesday
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Online Edition
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THE number of new residential developments still offering sales discounts is decreasing in Shanghai as improved sentiment for low- and medium-level apartments lifted developers' confidence.
Only 162 housing developments -- both apartments and villas -- will offer discounts in October, the lowest so far this year, according to a report released today by Soufun.com, which operates China's largest real estate website.
The number of residential projects offering price cuts stayed above 200 for six consecutive months through August before falling to 189 in September, Soufun said.
"The city's outlying areas saw much more robust sales in recent weeks compared with downtown districts thanks to strong demand from first-time buyers," said Qu Peng, a Soufun analyst. "Developers are thus less inclined to promote low- and medium-cost properties due to thin profit margins."
The number of discount-offering projects outside the city's Middle Ring Road is likely to drop by 30 percent in October, while the number of discount-offering projects inside the Inner Ring Road may rise by 10 percent, according to Soufun.
Pudong has 38 projects that offer discounts, the most among all districts, though it is nearly a 40 percent decrease from last month. It is followed by Jiading, Baoshan and Minhang.
Only 162 housing developments -- both apartments and villas -- will offer discounts in October, the lowest so far this year, according to a report released today by Soufun.com, which operates China's largest real estate website.
The number of residential projects offering price cuts stayed above 200 for six consecutive months through August before falling to 189 in September, Soufun said.
"The city's outlying areas saw much more robust sales in recent weeks compared with downtown districts thanks to strong demand from first-time buyers," said Qu Peng, a Soufun analyst. "Developers are thus less inclined to promote low- and medium-cost properties due to thin profit margins."
The number of discount-offering projects outside the city's Middle Ring Road is likely to drop by 30 percent in October, while the number of discount-offering projects inside the Inner Ring Road may rise by 10 percent, according to Soufun.
Pudong has 38 projects that offer discounts, the most among all districts, though it is nearly a 40 percent decrease from last month. It is followed by Jiading, Baoshan and Minhang.
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