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Developers release new homes ahead of slack summer season
By Cherry Cao |
May 31, 2012, Thursday
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Online Edition
Online Edition
THE new home supply in Shanghai will stay above 1,000 units on the weekend as real estate developers gear up before summer, a traditional low season for home purchase.
Nearly 1,300 units at seven projects, three of them in Baoshan District, will be released this weekend, almost unchanged from last weekend, according to research released today by Soufun.com.
The new houses, consisting of both apartments and villas, will be sold at an average 20,000 yuan (US$3,160) per square meter, a weekly increase of about 10 percent.
"As the local market steps into its traditional sluggish season - usually from June to August because of the hot weather - developers feel more inclined to release their inventories," said Tang Zhengwei, a Soufun analyst. "The new home market, therefore, will see a pickup again amid increased supply."
As of Wednesday, new home sales in Shanghai, excluding government-funded affordable housing, reached 767,500 square meters. It was close to matching March's 798,900 square meters, which was the highest monthly volume since June 2011, Soufun data showed.
Nearly 1,300 units at seven projects, three of them in Baoshan District, will be released this weekend, almost unchanged from last weekend, according to research released today by Soufun.com.
The new houses, consisting of both apartments and villas, will be sold at an average 20,000 yuan (US$3,160) per square meter, a weekly increase of about 10 percent.
"As the local market steps into its traditional sluggish season - usually from June to August because of the hot weather - developers feel more inclined to release their inventories," said Tang Zhengwei, a Soufun analyst. "The new home market, therefore, will see a pickup again amid increased supply."
As of Wednesday, new home sales in Shanghai, excluding government-funded affordable housing, reached 767,500 square meters. It was close to matching March's 798,900 square meters, which was the highest monthly volume since June 2011, Soufun data showed.
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