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New home purchases climb 6.4% in Shanghai
By Cherry Cao |
June 18, 2012, Monday
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Online Edition
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HOME buying momentum remained strong in Shanghai last week, according to the latest market data.
Purchases of new homes, excluding government-subsidized affordable housing, climbed 6.4 percent from a week earlier to 207,800 square meters, Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers, said in a report released today.
"The local market picked up strength in June following a robust May, which recorded the highest monthly volume in a year," said Huang Hetao, a research manager with Century 21. "Therefore, an overall rebound has been anticipated recently by more people. Real estate developers, as a result, are less inclined to provide discounts."
Between June 1 and Sunday, a total of 484,000 square meters of new homes were sold across the city, an increase of 16.3 percent from the same period a month earlier, Century 21 data showed.
Buyers paid an average 23,250 yuan (US$3,690) per square meter for the new homes last week, a week-on-week rise of 3.2 percent.
Thirty new homes costing more than 50,000 yuan a square meter were sold last week across the city, compared to 24 units registered during the previous week. Also last week, 79 villas were sold, a dip of one from the previous seven-day period, according to Century 21 data.
Around the city, a high-end China Overseas project near Changfeng Park in Putuo District remained the city's best-selling housing development for another week after selling 69 units at an average 37,462 yuan per square meter, data released today by Shanghai Uwin Real Estate Information Services Co showed. That followed sales of 55 units at an average price of 37,721 yuan a square meter during the previous week.
Despite improving sentiment, developers had better maintain a "price-for-volume" strategy to unload their inventories as much as possible since no loosening in property curbs can be expected in the near term, warned Huang Zhijian, chief analyst at Uwin.
Purchases of new homes, excluding government-subsidized affordable housing, climbed 6.4 percent from a week earlier to 207,800 square meters, Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers, said in a report released today.
"The local market picked up strength in June following a robust May, which recorded the highest monthly volume in a year," said Huang Hetao, a research manager with Century 21. "Therefore, an overall rebound has been anticipated recently by more people. Real estate developers, as a result, are less inclined to provide discounts."
Between June 1 and Sunday, a total of 484,000 square meters of new homes were sold across the city, an increase of 16.3 percent from the same period a month earlier, Century 21 data showed.
Buyers paid an average 23,250 yuan (US$3,690) per square meter for the new homes last week, a week-on-week rise of 3.2 percent.
Thirty new homes costing more than 50,000 yuan a square meter were sold last week across the city, compared to 24 units registered during the previous week. Also last week, 79 villas were sold, a dip of one from the previous seven-day period, according to Century 21 data.
Around the city, a high-end China Overseas project near Changfeng Park in Putuo District remained the city's best-selling housing development for another week after selling 69 units at an average 37,462 yuan per square meter, data released today by Shanghai Uwin Real Estate Information Services Co showed. That followed sales of 55 units at an average price of 37,721 yuan a square meter during the previous week.
Despite improving sentiment, developers had better maintain a "price-for-volume" strategy to unload their inventories as much as possible since no loosening in property curbs can be expected in the near term, warned Huang Zhijian, chief analyst at Uwin.
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