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Lowest housing price on cuts
By Cao Qian |
December 20, 2011, Tuesday
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Print Edition
Print Edition
THE average price of new apartments fell to the lowest in over nine months in Shanghai last week as property developers cut prices to trigger demand from budget-conscious home buyers.
New homes, excluding government-funded affordable housing, were sold at an average 18,944 yuan (US$2,993) per square meter during the seven days, a weekly drop of 21.2 percent, according to research released yesterday by Shanghai Deovolente Realty Co.
The transaction volume soared 48.8 percent from a week earlier to 149,000 square meters.
"More than half, or 57 percent, of new homes sold across the city last week cost less than 15,000 yuan per square meter and the weekly average price had fallen to the lowest since early March," said Lu Qilin, a researcher at Deovolente.
"The city's five bestselling projects last week were all sold at a cheaper price than that," Lu said.
A development in Qingpu District by Guangzhou R&F Properties became the most sought-after project last week with 195 apartments sold at 10,637 yuan per square meter, a discount of nearly 20 percent from its previous price, according to Deovolente data.
The supply of new apartments in the local market - including 16 apartment projects and two villa developments - more than tripled from a week earlier to 326,000 square meters, the highest in more than 10 weeks, the company said.
"The significantly increased supply probably indicated that some developers are really eager to make a final dash for their annual sales target as the year is drawing to an end," said Huang Zhijian, a chief analyst at Shanghai Uwin Real Estate Information Services Co. "And pricing will certainly remain crucial."
Between December 1 and Sunday only 299,000 square meters of new apartments were sold in Shanghai, down 50.6 percent from the same period a year ago, Century 21 China Real Estate said yesterday.
New homes, excluding government-funded affordable housing, were sold at an average 18,944 yuan (US$2,993) per square meter during the seven days, a weekly drop of 21.2 percent, according to research released yesterday by Shanghai Deovolente Realty Co.
The transaction volume soared 48.8 percent from a week earlier to 149,000 square meters.
"More than half, or 57 percent, of new homes sold across the city last week cost less than 15,000 yuan per square meter and the weekly average price had fallen to the lowest since early March," said Lu Qilin, a researcher at Deovolente.
"The city's five bestselling projects last week were all sold at a cheaper price than that," Lu said.
A development in Qingpu District by Guangzhou R&F Properties became the most sought-after project last week with 195 apartments sold at 10,637 yuan per square meter, a discount of nearly 20 percent from its previous price, according to Deovolente data.
The supply of new apartments in the local market - including 16 apartment projects and two villa developments - more than tripled from a week earlier to 326,000 square meters, the highest in more than 10 weeks, the company said.
"The significantly increased supply probably indicated that some developers are really eager to make a final dash for their annual sales target as the year is drawing to an end," said Huang Zhijian, a chief analyst at Shanghai Uwin Real Estate Information Services Co. "And pricing will certainly remain crucial."
Between December 1 and Sunday only 299,000 square meters of new apartments were sold in Shanghai, down 50.6 percent from the same period a year ago, Century 21 China Real Estate said yesterday.
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