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Home sales tumble to 5-week low
By Cao Qian |
October 10, 2011, Monday
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SHANGHAI'S new home sales fell to a five-week low during the seven-day period ending Sunday as a wait-and-see sentiment continued to prevail among potential buyers, according to research released today.
Sales of new homes, excluding affordable housing, dropped 40 percent from a week earlier to 85,400 square meters across the city, Shanghai Deovolente Realty Co said.
"It was the lowest if we track same-period volume registered over the past six years, an indication of really sluggish buying momentum regardless of the National Day holiday factor," said Lu Qilin, a researcher at Deovolente. "The 'deadlock' will probably remain unless more real estate developers start to join price-cutting campaigns."
The best-selling project in the city last week, a Gemdale Corp development in Dachang of northern Baoshan District, was a good example.
With an average price of 18,029 yuan per square meter, or nearly 4,000 yuan cheaper than its average price in August, the project sold 86 units, or 7,701 square meters, during the seven-day period, Deovolente data showed.
Citywide, the average price of new homes rose 4.2 percent week-on-week to 22,777 yuan (US$3,581) per square meter, amid comparatively strong sales of luxury properties.
Transactions of new houses costing more than 50,000 yuan per square meter climbed 3.77 percent from a week earlier to 5,500 square meters last week, the property consultant said.
On the supply side, only 58,400 square meters of new residential properties were released to the local market, a weekly plunge of 81 percent.
As of today, the city's new home stockpile stands at 8.76 million square meters among which 6.1 million square meters are located beyond the Outer Ring Road, according to the city's official real estate website www.fangdi.com.cn.
Sales of new homes, excluding affordable housing, dropped 40 percent from a week earlier to 85,400 square meters across the city, Shanghai Deovolente Realty Co said.
"It was the lowest if we track same-period volume registered over the past six years, an indication of really sluggish buying momentum regardless of the National Day holiday factor," said Lu Qilin, a researcher at Deovolente. "The 'deadlock' will probably remain unless more real estate developers start to join price-cutting campaigns."
The best-selling project in the city last week, a Gemdale Corp development in Dachang of northern Baoshan District, was a good example.
With an average price of 18,029 yuan per square meter, or nearly 4,000 yuan cheaper than its average price in August, the project sold 86 units, or 7,701 square meters, during the seven-day period, Deovolente data showed.
Citywide, the average price of new homes rose 4.2 percent week-on-week to 22,777 yuan (US$3,581) per square meter, amid comparatively strong sales of luxury properties.
Transactions of new houses costing more than 50,000 yuan per square meter climbed 3.77 percent from a week earlier to 5,500 square meters last week, the property consultant said.
On the supply side, only 58,400 square meters of new residential properties were released to the local market, a weekly plunge of 81 percent.
As of today, the city's new home stockpile stands at 8.76 million square meters among which 6.1 million square meters are located beyond the Outer Ring Road, according to the city's official real estate website www.fangdi.com.cn.
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