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Discounts drive up Shanghai home sales
By Cherry Cao |
June 2, 2012, Saturday
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Print Edition
Print Edition
NEW home sales in Shanghai soared to the highest in a year in May as developers offered discounts to unload inventories, according to the latest market research.
Purchases of new homes, excluding government-funded affordable housing, rose 32 percent from April to 806,000 square meters last month, the highest since June 2011, Shanghai Deovolente Realty Co said in a report yesterday.
New homes were selling at an average of 22,450 yuan (US$3,546) per square meter, a dip of 0.5 percent from April.
"Real estate developers have realized that the only effective way to boost sales at the moment was to provide price cuts as no sign of policy loosening is expected in the near term," said Lu Qilin, a researcher at Deovolente.
By price, new houses with a tag of more than 30,000 yuan a square meter as well as those costing less than 13,000 yuan per square meter both rose to the highest since the end of January 2011, when the latest round of austerity measures was unveiled by the central government as it stepped up efforts to rein in housing speculation, according to Deovolente research.
An R&F Properties residential development in suburban Qingpu District became the city's bestseller last month, with 233 apartments selling for an average 11,200 yuan per square meter. In the mid- to high-end segment, a housing project located between the Inner and Middle Ring Roads in Zhabei District registered sales of 166 units in May for an average price of 30,919 yuan per square meter, the most in the above 30,000 yuan per square meter category.
On the supply side, meanwhile, about 798,000 square meters of new residential properties were released to the local market in May, a decrease of 9.3 percent from April.
Purchases of new homes, excluding government-funded affordable housing, rose 32 percent from April to 806,000 square meters last month, the highest since June 2011, Shanghai Deovolente Realty Co said in a report yesterday.
New homes were selling at an average of 22,450 yuan (US$3,546) per square meter, a dip of 0.5 percent from April.
"Real estate developers have realized that the only effective way to boost sales at the moment was to provide price cuts as no sign of policy loosening is expected in the near term," said Lu Qilin, a researcher at Deovolente.
By price, new houses with a tag of more than 30,000 yuan a square meter as well as those costing less than 13,000 yuan per square meter both rose to the highest since the end of January 2011, when the latest round of austerity measures was unveiled by the central government as it stepped up efforts to rein in housing speculation, according to Deovolente research.
An R&F Properties residential development in suburban Qingpu District became the city's bestseller last month, with 233 apartments selling for an average 11,200 yuan per square meter. In the mid- to high-end segment, a housing project located between the Inner and Middle Ring Roads in Zhabei District registered sales of 166 units in May for an average price of 30,919 yuan per square meter, the most in the above 30,000 yuan per square meter category.
On the supply side, meanwhile, about 798,000 square meters of new residential properties were released to the local market in May, a decrease of 9.3 percent from April.
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