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New home sales dive 33.4% last week
By Cao Qian |
April 11, 2011, Monday
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Online Edition
Online Edition
NEW home sales dropped by one third in Shanghai last week while average price remained below the 20,000-yuan (US$3,058)- per-square-meter barrier for the second straight week.
Sales of new homes, excluding those built under the city's affordable housing programs, plunged 33.4 percent to 123,000 square meters between April 4 and April 10, ending a three-week rally fuelled mainly by increased supply, Shanghai Uwin Real Estate Information Services Co said today.
Average price, meanwhile, edged 2.1 percent to 19,992 yuan per square meter, Uwin data showed.
"The weekly retreat in volume was partly due to the Qingming Festival but strict home purchase restrictions still seem to be the major reason for overall sluggish sentiment," said Huang Zhijian, chief analyst at Uwin. "Notable price cuts by real estate developers will remain the only effective way to boost home sales."
Sales of new homes, excluding those built under the city's affordable housing programs, plunged 33.4 percent to 123,000 square meters between April 4 and April 10, ending a three-week rally fuelled mainly by increased supply, Shanghai Uwin Real Estate Information Services Co said today.
Average price, meanwhile, edged 2.1 percent to 19,992 yuan per square meter, Uwin data showed.
"The weekly retreat in volume was partly due to the Qingming Festival but strict home purchase restrictions still seem to be the major reason for overall sluggish sentiment," said Huang Zhijian, chief analyst at Uwin. "Notable price cuts by real estate developers will remain the only effective way to boost home sales."
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