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Home sales fall 8.9% as slump continues
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PROPERTY developers might bring forward their annual discount season in a bid to rouse buyers who remain determined to “wait-and-see,” an analyst said yesterday.
Sales of new homes in the seven days through Sunday, excluding government-funded properties, fell 8.9 percent week on week to 183,700 square meters, Shanghai Uwin Real Estate Information Services said in its weekly report.
In the same period, the new property supply rose 21 percent on the week to 173,400 square meters, it said.
“With inventories remaining high and transactions down, developers might start offering discounts as early as this month, rather than waiting until September and October, traditionally the best season for property sales,” said Huang Zhijian, chief analyst at Uwin.
“It might be the only effective way to boost sales,” he said.
The average cost of a new home rose 8.7 percent last week to 26,504 yuan (US$4,300) per square meter, the report said.
Despite the hike, low-cost properties remained among the most popular, with six of the 10 best-selling projects in the period costing 20,000 yuan per square meter or less.
The week’s top performer was a development in the Pudong New Area, with sales of 90 apartments at an average of 12,690 yuan per square meter.
As of yesterday, Shanghai had about 11.5 million square meters of new home inventory, which at the current rate would take about 17 months to sell.
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