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New home sales climb again
By Cao Qian |
March 1, 2011, Tuesday
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Print Edition
Print Edition
NEW home sales rebounded in Shanghai for the third consecutive week although buying sentiment in general still remained sluggish due to the effects of government curbing measures and less impact in a slack season.
Sales of new homes, excluding those built under the city's affordable programs, jumped 48.3 percent from a week earlier to 76,000 square meters last week while the average price fell 1.6 percent to 20,653 yuan (US$3,141) per square meter, Shanghai Uwin Real Estate Information Services Co said yesterday.
"Compared with the average weekly volume of 191,000 square meters registered in the city over the past 12 months, there still seems a long way to go before the local market regains its strength," said Zhao Baogeng, a researcher at Uwin. "Low- to mid-class residential projects accounted for the majority of home transactions during the seven-day period while one luxury project managed to secure a sales contract."
Of the city's 10 best-selling housing projects last week by transaction area, seven were sold for less than 20,000 yuan per square meter, according to Uwin statistics. Bucking the trend, however, a 353-square-meter apartment at Casa Lakeville in the prime Xintiandi area was sold at 161,070 yuan per square meter, the third-highest in Shanghai so far this year.
In the first half of January, two apartments at Tomson Riviera in Lujiazui of Pudong New Area were sold for 176,832 yuan and 162,591 yuan per square meter, respectively.
New home sales have plunged in Shanghai since late January when the central government imposed the latest tightening policies.
Over the period between January 27 and Sunday, only 306,000 square meters of new homes were sold across the city, about one third of the average monthly level recorded over the past year, Uwin data showed.
Sales of new homes, excluding those built under the city's affordable programs, jumped 48.3 percent from a week earlier to 76,000 square meters last week while the average price fell 1.6 percent to 20,653 yuan (US$3,141) per square meter, Shanghai Uwin Real Estate Information Services Co said yesterday.
"Compared with the average weekly volume of 191,000 square meters registered in the city over the past 12 months, there still seems a long way to go before the local market regains its strength," said Zhao Baogeng, a researcher at Uwin. "Low- to mid-class residential projects accounted for the majority of home transactions during the seven-day period while one luxury project managed to secure a sales contract."
Of the city's 10 best-selling housing projects last week by transaction area, seven were sold for less than 20,000 yuan per square meter, according to Uwin statistics. Bucking the trend, however, a 353-square-meter apartment at Casa Lakeville in the prime Xintiandi area was sold at 161,070 yuan per square meter, the third-highest in Shanghai so far this year.
In the first half of January, two apartments at Tomson Riviera in Lujiazui of Pudong New Area were sold for 176,832 yuan and 162,591 yuan per square meter, respectively.
New home sales have plunged in Shanghai since late January when the central government imposed the latest tightening policies.
Over the period between January 27 and Sunday, only 306,000 square meters of new homes were sold across the city, about one third of the average monthly level recorded over the past year, Uwin data showed.
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