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Home transaction growth eases
By Cao Qian |
June 2, 2011, Thursday
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Print Edition
Print Edition
NEW home sales climbed at a slower pace in Shanghai in May while average prices stayed basically flat from April, a latest industry research showed.
Sales of new homes, excluding those built under the city's affordable housing programs, rose 29.8 percent from April to 831,000 square meters in May, Shanghai Uwin Real Estate Information Services Co said yesterday. The growth marked the third consecutive month sales have risen.
But the increase was lower compared with monthly growth of 131 percent in March and 55.7 percent in April, Uwin data showed.
"Despite the month-on-month increase, buying sentiment in May could also be considered sluggish, compared with an average 1.265 million square meters recorded in the same month over the past five years," said Huang Zhijian, chief analyst at Uwin. "The extremely low transaction volume since February is expected to increase pressure on real estate developers to cut prices."
New home sales between February and May this year were the lowest compared with the same period since 2006, according to Uwin.
The average prices dipped 0.64 percent from April to 21,945 yuan (US$3,376) per square meter.
Of the new homes sold in the city last month, 75 percent were located beyond the Outer Ring Road, and only 6 percent were sited within the Inner Ring Road.
A total of 838,400 square meters of new houses were released locally last month, down 27 percent from April, Uwin data showed.
Sales of new homes, excluding those built under the city's affordable housing programs, rose 29.8 percent from April to 831,000 square meters in May, Shanghai Uwin Real Estate Information Services Co said yesterday. The growth marked the third consecutive month sales have risen.
But the increase was lower compared with monthly growth of 131 percent in March and 55.7 percent in April, Uwin data showed.
"Despite the month-on-month increase, buying sentiment in May could also be considered sluggish, compared with an average 1.265 million square meters recorded in the same month over the past five years," said Huang Zhijian, chief analyst at Uwin. "The extremely low transaction volume since February is expected to increase pressure on real estate developers to cut prices."
New home sales between February and May this year were the lowest compared with the same period since 2006, according to Uwin.
The average prices dipped 0.64 percent from April to 21,945 yuan (US$3,376) per square meter.
Of the new homes sold in the city last month, 75 percent were located beyond the Outer Ring Road, and only 6 percent were sited within the Inner Ring Road.
A total of 838,400 square meters of new houses were released locally last month, down 27 percent from April, Uwin data showed.
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