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New home purchases hit lowest
By Cao Qian |
August 14, 2012, Tuesday
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Print Edition
Print Edition
NEW home purchases dropped to the lowest in 18 weeks in Shanghai amid insufficient supply while the unfavorable weather also hit buying interest, data showed yesterday.
The sales of new homes, excluding government-subsidized affordable housing, plunged one third from a week earlier to 142,400 square meters during the seven days ended on Sunday, Shanghai Deovolente Realty Co said.
"The weekly volume was the lowest since mid April," said Lu Qilin, a Deovolente researcher. "An inadequate supply of mid to low-end homes since the beginning of this month contributed to the decline while the arrival of Typhoon Haikui also confined many people at home."
The new homes cost an average 23,517 yuan (US$3,709) per square meter, down 6.9 percent weekly, Deovolente said.
Last week 32 residential units costing more than 50,000 yuan per square meter each were sold, down by 15 from the previous seven-day period.
About 95,000 square meters of new homes were released last week, a drop of 25 percent in supply from a week earlier.
"We will probably see a rather flat August in terms of new home transactions following robust sales in the past two months," said Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co.
So far this month as of Sunday, new home transactions totaled 286,900 square meters in Shanghai, down 13.4 percent from the same period a month earlier, according to Uwin data released yesterday.
The sales of new homes, excluding government-subsidized affordable housing, plunged one third from a week earlier to 142,400 square meters during the seven days ended on Sunday, Shanghai Deovolente Realty Co said.
"The weekly volume was the lowest since mid April," said Lu Qilin, a Deovolente researcher. "An inadequate supply of mid to low-end homes since the beginning of this month contributed to the decline while the arrival of Typhoon Haikui also confined many people at home."
The new homes cost an average 23,517 yuan (US$3,709) per square meter, down 6.9 percent weekly, Deovolente said.
Last week 32 residential units costing more than 50,000 yuan per square meter each were sold, down by 15 from the previous seven-day period.
About 95,000 square meters of new homes were released last week, a drop of 25 percent in supply from a week earlier.
"We will probably see a rather flat August in terms of new home transactions following robust sales in the past two months," said Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co.
So far this month as of Sunday, new home transactions totaled 286,900 square meters in Shanghai, down 13.4 percent from the same period a month earlier, according to Uwin data released yesterday.
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