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Home sales short of 200,000sqm mark again
By Cherry Cao |
September 24, 2012, Monday
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Online Edition
Online Edition
NEW home sales in Shanghai failed to attain the 200,000-square-meter mark for the third straight week despite significant increase in supply, according to the latest industry data.
New home purchases, excluding government-subsidized affordable housing, totaled 196,800 square meters last week, an increase of 20.1 percent from the previous seven-day period, Shanghai Deovolente Realty Co said today.
The new homes were sold for an average 21,331 yuan (US$3,364) per square meter, a weekly drop of 6.3 percent.
"Despite the notable rebound in transaction, new home sales month to date still fell short of market expectations because September is usually a high season for property sales," said Lu Qilin, a Deovolente researcher. "The surge in supply was a signal that real estate developers did have high expectation for September but sales still depend on what discounts are offered to home buyers."
As of Sunday, some 578,000 square meters of new residential units were sold across the city, an increase of 6.6 percent from same period in August, Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers, said today.
Meanwhile 460,300 square meters of new homes were released to the local market last week, the highest weekly supply so far this year, Deovolente said.
More than 70 percent of the new homes supplied are apartments in outlying districts of Fengxian, Jinshan, Jiading and Minhang.
New home purchases, excluding government-subsidized affordable housing, totaled 196,800 square meters last week, an increase of 20.1 percent from the previous seven-day period, Shanghai Deovolente Realty Co said today.
The new homes were sold for an average 21,331 yuan (US$3,364) per square meter, a weekly drop of 6.3 percent.
"Despite the notable rebound in transaction, new home sales month to date still fell short of market expectations because September is usually a high season for property sales," said Lu Qilin, a Deovolente researcher. "The surge in supply was a signal that real estate developers did have high expectation for September but sales still depend on what discounts are offered to home buyers."
As of Sunday, some 578,000 square meters of new residential units were sold across the city, an increase of 6.6 percent from same period in August, Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers, said today.
Meanwhile 460,300 square meters of new homes were released to the local market last week, the highest weekly supply so far this year, Deovolente said.
More than 70 percent of the new homes supplied are apartments in outlying districts of Fengxian, Jinshan, Jiading and Minhang.
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