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New home costs ease to 6-month low as developers slash prices
By Cao Qian |
October 31, 2011, Monday
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Online Edition
Online Edition
THE average price of new homes fell to the lowest level in six months in Shanghai last week after a few real estate developers started slashing prices to trigger sales.
New homes, excluding affordable housing, were sold for an average 19,348 yuan (US$3,056) per square meter during the seven-day period that ended Sunday, the lowest in 27 weeks, according to research released today by Shanghai Deovolente Realty Co.
Transactions, meanwhile, jumped 46.3 percent from a week earlier to 138,700 square meters sold, Deovolente data showed.
"Significant price cuts offered by several developers across the city immediately boosted sales and dragged the average price down below the 20,000-yuan-per-square-meter barrier, the first time in more than 10 weeks," said Lu Qilin, a researcher with Deovolente. "For the whole October, new home sales would probably hover around only 450,000 square meters, a decrease of around 20 percent from September."
Last week, a residential project in outlying Jiading District by Longfor Properties became the city's most sought-after development after selling 234 apartments for an average price of 14,170 yuan per square meter, despite angry homeowners smashing its sales office after learning about the developer's notable price cut.
Previously, the average price for the development stood well above 18,000 yuan per square meter, according to the city's official real estate website www.fangdi.com.
Longfor's another project in Songjiang District also registered good sales -- 124 units -- during the same period after significant price cuts were offered, data compiled by Shanghai Uwin Real Estate Information Services Co showed.
New homes, excluding affordable housing, were sold for an average 19,348 yuan (US$3,056) per square meter during the seven-day period that ended Sunday, the lowest in 27 weeks, according to research released today by Shanghai Deovolente Realty Co.
Transactions, meanwhile, jumped 46.3 percent from a week earlier to 138,700 square meters sold, Deovolente data showed.
"Significant price cuts offered by several developers across the city immediately boosted sales and dragged the average price down below the 20,000-yuan-per-square-meter barrier, the first time in more than 10 weeks," said Lu Qilin, a researcher with Deovolente. "For the whole October, new home sales would probably hover around only 450,000 square meters, a decrease of around 20 percent from September."
Last week, a residential project in outlying Jiading District by Longfor Properties became the city's most sought-after development after selling 234 apartments for an average price of 14,170 yuan per square meter, despite angry homeowners smashing its sales office after learning about the developer's notable price cut.
Previously, the average price for the development stood well above 18,000 yuan per square meter, according to the city's official real estate website www.fangdi.com.
Longfor's another project in Songjiang District also registered good sales -- 124 units -- during the same period after significant price cuts were offered, data compiled by Shanghai Uwin Real Estate Information Services Co showed.
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