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Existing Property Deals Drop To 2nd-Lowest In A Year
By Cherry Cao |
September 14, 2011, Wednesday
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SALES of previously-owned properties last month in Shanghai fell to the second-lowest level in a year but prices still remained firm.
About 11,300 units, or 1.02 million square meters, of such properties - mainly houses - were sold in August, a monthly decline of 15.4 percent and 12.7 percent respectively, according to a report released yesterday by Century 21 China Real Estate. They fell 9.5 percent and 4.7 percent on an annual basis, respectively.
"August witnessed the second-worst performance over the past year and was just better than February when transaction volume touched the bottom due to tightening measures and the Spring Festival, a traditionally low season for home sales in China," said Huang Hetao, a research manager at Century 21. "Sales in six districts dropped more than 20 percent from a month earlier while only one district managed to see sales grow, indicating extremely slack market momentum."
But the average price of existing properties grew for two consecutive months. It added 3.5 percent from July to 15,900 yuan (US$2,484) per square meter in August.
Existing properties costing less than 1.5 million yuan each accounted for 77.8 percent of the total transactions, down 0.5 percentage point from July, while those priced between 1.5 million yuan and 3 million yuan comprised 4.2 percent, down 1 percentage point from a month earlier, Century 21 research found.
About 11,300 units, or 1.02 million square meters, of such properties - mainly houses - were sold in August, a monthly decline of 15.4 percent and 12.7 percent respectively, according to a report released yesterday by Century 21 China Real Estate. They fell 9.5 percent and 4.7 percent on an annual basis, respectively.
"August witnessed the second-worst performance over the past year and was just better than February when transaction volume touched the bottom due to tightening measures and the Spring Festival, a traditionally low season for home sales in China," said Huang Hetao, a research manager at Century 21. "Sales in six districts dropped more than 20 percent from a month earlier while only one district managed to see sales grow, indicating extremely slack market momentum."
But the average price of existing properties grew for two consecutive months. It added 3.5 percent from July to 15,900 yuan (US$2,484) per square meter in August.
Existing properties costing less than 1.5 million yuan each accounted for 77.8 percent of the total transactions, down 0.5 percentage point from July, while those priced between 1.5 million yuan and 3 million yuan comprised 4.2 percent, down 1 percentage point from a month earlier, Century 21 research found.
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