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Existing Home Transactions Tumble 20-30%
By Cherry Cao |
December 29, 2009, Tuesday
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Print Edition
Print Edition
THE transaction volume of existing homes in Shanghai tumbled about 20 to 30 percent in the first 27 days of this month amid a continuing "wait-and-see" sentiment among home buyers, a major real estate agency said yesterday.
However, sales prices continued to climb, by 2 to 3 percent on average, during the same period, according to latest research conducted by Century 21 China Real Estate, operator of the city's second-largest property chain.
"The ever-rising home prices are reducing buyers' accessibility, and growing anticipation for a policy-driven correction of the market is also creating a 'wait-and-see' sentiment," said Huang Hetao, a researcher at Century 21. "Moreover, the period before and after the Spring Festival is usually a slack season for home deals and the volume is not expected to rebound until at least March."
Across the city, the volume dropped most notably in the districts of Zhabei and Jing'an as well as Pudong New Area, the agency said, without elaborating.
However, sales prices continued to climb, by 2 to 3 percent on average, during the same period, according to latest research conducted by Century 21 China Real Estate, operator of the city's second-largest property chain.
"The ever-rising home prices are reducing buyers' accessibility, and growing anticipation for a policy-driven correction of the market is also creating a 'wait-and-see' sentiment," said Huang Hetao, a researcher at Century 21. "Moreover, the period before and after the Spring Festival is usually a slack season for home deals and the volume is not expected to rebound until at least March."
Across the city, the volume dropped most notably in the districts of Zhabei and Jing'an as well as Pudong New Area, the agency said, without elaborating.
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