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Morale boosts house buying
By Cao Qian |
September 21, 2010, Tuesday
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Print Edition
Print Edition
NEW home sales continued to rise in Shanghai last week amid a recovery in buying sentiment while average price fell slightly due to a reduced supply of high-end housing.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, climbed 9 percent to 278,000 square meters between September 13 and 19, extending the rally for the fourth consecutive week, Shanghai Uwin Real Estate Information Services Co said yesterday.
The average price slid 2 percent to 19,610 yuan (US$2,921) per square meter during the seven-day period, falling below the 20,000 yuan per square meter barrier for the first time since mid August.
"Due to the generally prolonged process for issuing pre-sale certificates for high-end housing, sales of high-end homes fell in the city last week and therefore dragged down the average price," said Lu Qilin, a Uwin researcher. "The average price, however, could rebound notably this week if Star River in Minhang District, a high-end residential project selling for 45,000 yuan to 50,000 yuan per square meter, is released over the weekend as scheduled."
Shanghai has from this month tightened the supply of high-end housing projects. The city has started to conduct more stringent checks on real estate developers whose residential units sell for more than 30,000 yuan per square meter before they are granted pre-sales certificates.
For instance, the developer of Meihua Garden, a luxury residential development in western Changning District whose apartments are selling at between 50,000 yuan and 70,000 yuan per square meter, hopes to release one of its buildings comprising 60 units in November at the earliest.
"Many developers like us are now queuing for approval to commence pre-sales," an agent of the project, who preferred to be unidentified, told Shanghai Daily.
DTZ, an international property services provider, said yesterday in a separate report that sales of luxury housing rose 45 percent monthly to nearly 6,600 square meters in Shanghai in August.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, climbed 9 percent to 278,000 square meters between September 13 and 19, extending the rally for the fourth consecutive week, Shanghai Uwin Real Estate Information Services Co said yesterday.
The average price slid 2 percent to 19,610 yuan (US$2,921) per square meter during the seven-day period, falling below the 20,000 yuan per square meter barrier for the first time since mid August.
"Due to the generally prolonged process for issuing pre-sale certificates for high-end housing, sales of high-end homes fell in the city last week and therefore dragged down the average price," said Lu Qilin, a Uwin researcher. "The average price, however, could rebound notably this week if Star River in Minhang District, a high-end residential project selling for 45,000 yuan to 50,000 yuan per square meter, is released over the weekend as scheduled."
Shanghai has from this month tightened the supply of high-end housing projects. The city has started to conduct more stringent checks on real estate developers whose residential units sell for more than 30,000 yuan per square meter before they are granted pre-sales certificates.
For instance, the developer of Meihua Garden, a luxury residential development in western Changning District whose apartments are selling at between 50,000 yuan and 70,000 yuan per square meter, hopes to release one of its buildings comprising 60 units in November at the earliest.
"Many developers like us are now queuing for approval to commence pre-sales," an agent of the project, who preferred to be unidentified, told Shanghai Daily.
DTZ, an international property services provider, said yesterday in a separate report that sales of luxury housing rose 45 percent monthly to nearly 6,600 square meters in Shanghai in August.
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