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Home price soars as luxury sells
By Cao Qian |
April 26, 2011, Tuesday
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Print Edition
Print Edition
THE price of new homes in Shanghai surged to a record high of nearly 30,000 yuan (US$4,600) per square meter last week, thanks to robust sales at two luxury projects.
The average price of new homes, excluding those built under affordable housing programs, soared 49.3 percent from a week earlier to 29,925 yuan per square meter, Shanghai Uwin Real Estate Information Services Co said yesterday.
Sales of new homes rose 36 percent week-on-week to 169,000 square meters while the supply of new homes surged 76 percent to 357,000 square meters during the same period, Uwin data showed.
"The surge in the average price was mainly due to hot sales registered at two residential projects over the past week while overall buyer sentiment still remained at low levels compared to the same period a year earlier," said Huang Zhijian, chief analyst at Uwin.
"Probably, new home sales wouldn't witness a major rebound until notable discounts are offered by real estate developers," Huang said.
Shanghai Sunville, a villa development in Sheshan, sold 34 units last week for an average 100,205 yuan per square meter while Rainbow City, a Shui On Land project in Hongkou District, secured sales of 134 units at an average price of 40,200 yuan per square meter.
A separate report by the Shanghai Statistics Bureau found that new home sales, excluding budget homes, low-rent units and public-rent houses but including those built for relocated residents under urbanization programs, fell 24.6 percent to 3.056 million square meters in the city in the first quarter as central government policies launched in late January, including a ban on multiple purchases and a property tax trial, began to take effect.
More than 1.32 million square meters of new houses sold during the three months were smaller than 90 square meters, representing a year-on-year growth of 11.3 percent, while homes larger than 140 square meters fell 30.3 percent from a year earlier to 593,700 square meters, the bureau said.
In March alone, new home sales jumped 52.1 percent month-on-month to 1.108 million square meters, mainly due to the fact that sales were low in February because of the Spring Festival.
The average price of new homes, excluding those built under affordable housing programs, soared 49.3 percent from a week earlier to 29,925 yuan per square meter, Shanghai Uwin Real Estate Information Services Co said yesterday.
Sales of new homes rose 36 percent week-on-week to 169,000 square meters while the supply of new homes surged 76 percent to 357,000 square meters during the same period, Uwin data showed.
"The surge in the average price was mainly due to hot sales registered at two residential projects over the past week while overall buyer sentiment still remained at low levels compared to the same period a year earlier," said Huang Zhijian, chief analyst at Uwin.
"Probably, new home sales wouldn't witness a major rebound until notable discounts are offered by real estate developers," Huang said.
Shanghai Sunville, a villa development in Sheshan, sold 34 units last week for an average 100,205 yuan per square meter while Rainbow City, a Shui On Land project in Hongkou District, secured sales of 134 units at an average price of 40,200 yuan per square meter.
A separate report by the Shanghai Statistics Bureau found that new home sales, excluding budget homes, low-rent units and public-rent houses but including those built for relocated residents under urbanization programs, fell 24.6 percent to 3.056 million square meters in the city in the first quarter as central government policies launched in late January, including a ban on multiple purchases and a property tax trial, began to take effect.
More than 1.32 million square meters of new houses sold during the three months were smaller than 90 square meters, representing a year-on-year growth of 11.3 percent, while homes larger than 140 square meters fell 30.3 percent from a year earlier to 593,700 square meters, the bureau said.
In March alone, new home sales jumped 52.1 percent month-on-month to 1.108 million square meters, mainly due to the fact that sales were low in February because of the Spring Festival.
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