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Home sales drop to 7-week low
By Cherry Cao |
April 9, 2012, Monday
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Online Edition
Online Edition
NEW home sales in Shanghai dropped to the lowest in seven weeks, mainly affected by the Qingming Festival.
Purchases of new homes, excluding government-funded affordable housing, dived 52 percent from a week earlier to 107,300 square meters during the seven-day period ended Sunday, according to research released today by Shanghai Deovolente Realty Co.
"Transactions of new residential properties plunged last week amid slack momentum during the three-day holiday," said Lu Qilin, a researcher at Deovolente. "It was even lower than the average weekly volume recorded in the city so far this year."
Between April 2 and April 4, only 24,700 square meters of new houses were sold across the city, Deovolente data showed.
New houses were sold for an average 21,871 yuan (US$3,472) per square meter, a week-on-week increase of 3.9 percent.
Purchases of new homes, excluding government-funded affordable housing, dived 52 percent from a week earlier to 107,300 square meters during the seven-day period ended Sunday, according to research released today by Shanghai Deovolente Realty Co.
"Transactions of new residential properties plunged last week amid slack momentum during the three-day holiday," said Lu Qilin, a researcher at Deovolente. "It was even lower than the average weekly volume recorded in the city so far this year."
Between April 2 and April 4, only 24,700 square meters of new houses were sold across the city, Deovolente data showed.
New houses were sold for an average 21,871 yuan (US$3,472) per square meter, a week-on-week increase of 3.9 percent.
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