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Developers nixing discounts
By Cherry Cao |
July 27, 2012, Friday
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Print Edition
Print Edition
THE number of residential property projects offering price cuts may fall to the lowest in Shanghai in six months as improved sentiment among buyers helped boost developers' confidence.
A total of 197 housing developments in the city - both apartments and villas - will provide discounts in August, the lowest since February, according to a research report released yesterday by Soufun.com, which operates China's largest real estate website.
The number of residential projects offering discounts has stayed above 200 for five consecutive months since March, Soufun data showed.
"The decrease indicates that real estate developers are now less inclined to launch promotions as recent interest rate cuts as well as preferential mortgage policies for first-time buyers have triggered home sales notably," said Qu Peng, a Soufun analyst. "Among all, only about 10 projects are supposedly offering a discount larger than 10 percent."
New home purchases in Shanghai exceeded 1 million square meters in June amid robust sales of mid- to high-end properties, the highest level in 17 months, according to data released earlier by Shanghai Deovolente Realty Co. And so far this month as of Wednesday, new home sales totaled 683,000 square meters, still a pretty good performance for July, a traditional low season for home purchases, industry analysts said.
Across the city, more than three quarters of the price discounts will be offered by developers of projects located beyond the city's Outer Ring Road, followed by those between the Outer Ring Road and Middle Ring Road, which account for nearly 15 percent, according to Soufun research.
On the supply side, 34 residential projects - consisting of 23 apartments projects, nine villa developments and two mixed ones - are set to release units on to the market next month, a surge of more than 50 percent from July.
A total of 197 housing developments in the city - both apartments and villas - will provide discounts in August, the lowest since February, according to a research report released yesterday by Soufun.com, which operates China's largest real estate website.
The number of residential projects offering discounts has stayed above 200 for five consecutive months since March, Soufun data showed.
"The decrease indicates that real estate developers are now less inclined to launch promotions as recent interest rate cuts as well as preferential mortgage policies for first-time buyers have triggered home sales notably," said Qu Peng, a Soufun analyst. "Among all, only about 10 projects are supposedly offering a discount larger than 10 percent."
New home purchases in Shanghai exceeded 1 million square meters in June amid robust sales of mid- to high-end properties, the highest level in 17 months, according to data released earlier by Shanghai Deovolente Realty Co. And so far this month as of Wednesday, new home sales totaled 683,000 square meters, still a pretty good performance for July, a traditional low season for home purchases, industry analysts said.
Across the city, more than three quarters of the price discounts will be offered by developers of projects located beyond the city's Outer Ring Road, followed by those between the Outer Ring Road and Middle Ring Road, which account for nearly 15 percent, according to Soufun research.
On the supply side, 34 residential projects - consisting of 23 apartments projects, nine villa developments and two mixed ones - are set to release units on to the market next month, a surge of more than 50 percent from July.
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