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Existing home sales drop 13.3% in Shanghai
By Cherry Cao |
May 9, 2012, Wednesday
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SHANGHAI'S existing property market dropped amid a decrease in supply while buyers remained cautious, according to the latest market data.
Buying of previously owned properties, most of which were residential developments, fell 13.3 percent month-on-month to 14,300 units in April, Century 21 China Real Estate said in a report today.
In March, sales of existing properties surged to 16,400 units around the city, the highest in more than a year.
"Supply of 'value-for-price' properties declined after the sales boom in March and stable prices of existing houses also eroded interest among many home seekers, who still believe prices may drop further," said Huang Hetao, research manager at Century 21. "The tug-of-war between home owners and buyers is expected to continue for some time, at least over the coming two months."
Existing properties were sold for an average of 16,200 yuan (US$2,580) per square meter in April, remaining almost unchanged from a month earlier, Century 21 data showed.
Citywide, all districts except Chongming County registered monthly retreats in sales, with Huangpu, Changning, Jiading and Qingpu leading the declines, all down more than 20 percent from March.
Pudong, Minhang and Baoshan recorded the most purchases with nearly 47 percent of the city's total existing property purchases being secured in the three districts.
A separate report released earlier by Shanghai Centaline Property Consultants Ltd, operator of the city's largest realtor in terms of transaction value, also found that purchase deals of existing houses at its branches fell 10 percent in April from a month earlier.
Buying of previously owned properties, most of which were residential developments, fell 13.3 percent month-on-month to 14,300 units in April, Century 21 China Real Estate said in a report today.
In March, sales of existing properties surged to 16,400 units around the city, the highest in more than a year.
"Supply of 'value-for-price' properties declined after the sales boom in March and stable prices of existing houses also eroded interest among many home seekers, who still believe prices may drop further," said Huang Hetao, research manager at Century 21. "The tug-of-war between home owners and buyers is expected to continue for some time, at least over the coming two months."
Existing properties were sold for an average of 16,200 yuan (US$2,580) per square meter in April, remaining almost unchanged from a month earlier, Century 21 data showed.
Citywide, all districts except Chongming County registered monthly retreats in sales, with Huangpu, Changning, Jiading and Qingpu leading the declines, all down more than 20 percent from March.
Pudong, Minhang and Baoshan recorded the most purchases with nearly 47 percent of the city's total existing property purchases being secured in the three districts.
A separate report released earlier by Shanghai Centaline Property Consultants Ltd, operator of the city's largest realtor in terms of transaction value, also found that purchase deals of existing houses at its branches fell 10 percent in April from a month earlier.
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