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Home sales drop 27.2% in Shanghai
By Cherry Cao |
May 21, 2012, Monday
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Online Edition
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SHANGHAI'S new home market failed to solidify any momentum last week with both volume and price registering declines.
The purchases of new homes, excluding government-funded affordable housing, dropped 27.2 percent from a week earlier to 146,100 square meters in the city during the seven days ended yesterday, according to a report released today by Shanghai Deovolente Realty Co.
"Robust sales recorded in the week before last, coupled with a government statement saying that single, or unmarried buyers, are banned from the purchase of a second home, both left some impact on weekly sales," said Lu Qilin, a researcher at Deovolente. "Sales of luxury properties were also sluggish."
The new homes were sold at an average 21,256 yuan (US$3,368) per square meter last week, a week-on-week decrease of 2 percent. Twenty units costing more than 50,000 yuan per square meter were sold across the city, compared to 35 units the previous week, according to Deovolente.On the supply side, 220,500 square meters of new residential properties were released to the local market last week, an increase of 50 percent from the previous seven-day period and also the highest in three weeks.
For the month, industry analysts predicted a better performance than April if the current pace of sales continues. As of yesterday, new home sales totaled 487,700 square meters in the city, according to Shanghai Uwin Real Estate Information Services Co. That compared to 610,090 square meters sold in April.
The purchases of new homes, excluding government-funded affordable housing, dropped 27.2 percent from a week earlier to 146,100 square meters in the city during the seven days ended yesterday, according to a report released today by Shanghai Deovolente Realty Co.
"Robust sales recorded in the week before last, coupled with a government statement saying that single, or unmarried buyers, are banned from the purchase of a second home, both left some impact on weekly sales," said Lu Qilin, a researcher at Deovolente. "Sales of luxury properties were also sluggish."
The new homes were sold at an average 21,256 yuan (US$3,368) per square meter last week, a week-on-week decrease of 2 percent. Twenty units costing more than 50,000 yuan per square meter were sold across the city, compared to 35 units the previous week, according to Deovolente.On the supply side, 220,500 square meters of new residential properties were released to the local market last week, an increase of 50 percent from the previous seven-day period and also the highest in three weeks.
For the month, industry analysts predicted a better performance than April if the current pace of sales continues. As of yesterday, new home sales totaled 487,700 square meters in the city, according to Shanghai Uwin Real Estate Information Services Co. That compared to 610,090 square meters sold in April.
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