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New home purchases drop 9.6% in Shanghai
By Cherry Cao |
May 7, 2012, Monday
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Online Edition
Online Edition
PURCHASES of new homes fell in Shanghai last week while slack sales of mid to high-end properties dragged down the average price.
Sales of new homes, excluding government-funded affordable housing, fell 9.6 percent from a week earlier to 153,200 square meters in the city during the seven days ended May 6, according to a report released today by Shanghai Deovolente Realty Co.
"Home seekers have been taking a 'wait-and-see' attitude these days as they anticipate further price cuts by real estate developers while the latter is still reluctant to offer larger discounts," said Lu Qilin, a researcher at Deovolente. "That's the main reason for the current stalemate."
Weekly sales of new residential properties have hovered around 150,000 square meters in Shanghai over the past month, according to Deovolente data.
New homes were sold last week at an average of 20,618 yuan (US$3,283) per square meter, a decrease of 15 percent from the previous seven-day period.
Only 15 luxury-housing units, those costing more than 50,000 yuan per square meter, were sold across the city, a week-on-week plunge of 60.5 percent.
Separate research by Shanghai Uwin Real Estate Information Services Co showed that sales of new houses with a price tag of above 40,000 yuan a square meter dived 61 percent last week to 6,200 square meters.
"It is no surprise to see the drop in the mid to high-end sector, particularly after rather robust sales of expensive homes over the past month," said Huang Hetao, a research manager at Century 21 China Real Estate, one of the city's largest realtors. "After all, there are not many potential buyers at the moment mainly due to the home-purchase restriction."
On the supply side, 133,500 square meters of new residential properties were released to the market last week, a plunge of 57.4 percent from the previous week, evidence that more developers are taking a cautious approach.
Sales of new homes, excluding government-funded affordable housing, fell 9.6 percent from a week earlier to 153,200 square meters in the city during the seven days ended May 6, according to a report released today by Shanghai Deovolente Realty Co.
"Home seekers have been taking a 'wait-and-see' attitude these days as they anticipate further price cuts by real estate developers while the latter is still reluctant to offer larger discounts," said Lu Qilin, a researcher at Deovolente. "That's the main reason for the current stalemate."
Weekly sales of new residential properties have hovered around 150,000 square meters in Shanghai over the past month, according to Deovolente data.
New homes were sold last week at an average of 20,618 yuan (US$3,283) per square meter, a decrease of 15 percent from the previous seven-day period.
Only 15 luxury-housing units, those costing more than 50,000 yuan per square meter, were sold across the city, a week-on-week plunge of 60.5 percent.
Separate research by Shanghai Uwin Real Estate Information Services Co showed that sales of new houses with a price tag of above 40,000 yuan a square meter dived 61 percent last week to 6,200 square meters.
"It is no surprise to see the drop in the mid to high-end sector, particularly after rather robust sales of expensive homes over the past month," said Huang Hetao, a research manager at Century 21 China Real Estate, one of the city's largest realtors. "After all, there are not many potential buyers at the moment mainly due to the home-purchase restriction."
On the supply side, 133,500 square meters of new residential properties were released to the market last week, a plunge of 57.4 percent from the previous week, evidence that more developers are taking a cautious approach.
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