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Home prices soar to 2011 high
By Cao Qian |
September 13, 2011, Tuesday
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Online Edition
Online Edition
NEW home prices soared to the highest level this year in Shanghai last week boosted by strong sales of a high-end development in Pudong New Area while transaction volumes fell to the lowest in four weeks as sentiment among buyers of mainstream projects remained weak.
The average price of new homes, excluding affordable housing, rose 12.5 percent from a week earlier to 24,852 yuan (US$3,883) per square meter between September 5 and September 11, a weekly record in 2011, according to research released yesterday by Shanghai Deovolente Realty Co.
During the same period, a total of 111,500 square meters of new residential properties were sold across the city, a week-on-week drop of 27.2 percent.
"Robust sales registered at Yanlord Sunland Gardens in Waigaoqiao, the city's best-selling project last week where 72 apartments were traded for an average 45,305 yuan per square meter, helped drive the weekly average price to a record," said Lu Qilin, a researcher at Deovolente.
"While overall market momentum is yet to pick up, new home supply has been climbing for two straight weeks which has indicated improved willingness of developers to enter the market."
New home supply climbed 16.6 percent to 241,600 square meters in Shanghai last week, Deovolente data showed.
The Bound of Bund, a luxury development by China Resources Land Ltd, released nearly 100 units onto the local market last week with a maximum asking price of 197,000 yuan per square meter.
"For developers who have always been keen on the quality of products, the central government's rein-in measures might have some positive influence on their business as developments with higher quality will certainly have an advantage in attracting buyers when there are abundant options in the market," said Xie Ji, vice president of China Resources and general manager for its Shanghai branch.
"While all players in the industry suffer from the series of tightening policies more or less, we remain confident in our project as well as the entire housing market where demand is not going to fade any time soon."
During the first 11 days of September, a total of 191,700 square meters of new houses were sold in the city, a plunge of more than 52 percent from same period a year earlier, according to data released yesterday by Shanghai Uwin Real Estate Information Services Co.
The average price of new homes, excluding affordable housing, rose 12.5 percent from a week earlier to 24,852 yuan (US$3,883) per square meter between September 5 and September 11, a weekly record in 2011, according to research released yesterday by Shanghai Deovolente Realty Co.
During the same period, a total of 111,500 square meters of new residential properties were sold across the city, a week-on-week drop of 27.2 percent.
"Robust sales registered at Yanlord Sunland Gardens in Waigaoqiao, the city's best-selling project last week where 72 apartments were traded for an average 45,305 yuan per square meter, helped drive the weekly average price to a record," said Lu Qilin, a researcher at Deovolente.
"While overall market momentum is yet to pick up, new home supply has been climbing for two straight weeks which has indicated improved willingness of developers to enter the market."
New home supply climbed 16.6 percent to 241,600 square meters in Shanghai last week, Deovolente data showed.
The Bound of Bund, a luxury development by China Resources Land Ltd, released nearly 100 units onto the local market last week with a maximum asking price of 197,000 yuan per square meter.
"For developers who have always been keen on the quality of products, the central government's rein-in measures might have some positive influence on their business as developments with higher quality will certainly have an advantage in attracting buyers when there are abundant options in the market," said Xie Ji, vice president of China Resources and general manager for its Shanghai branch.
"While all players in the industry suffer from the series of tightening policies more or less, we remain confident in our project as well as the entire housing market where demand is not going to fade any time soon."
During the first 11 days of September, a total of 191,700 square meters of new houses were sold in the city, a plunge of more than 52 percent from same period a year earlier, according to data released yesterday by Shanghai Uwin Real Estate Information Services Co.
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