Home » Business » Real Estate
New home sales drop despite final week surge
Print Edition
New home sales fell for the third consecutive month in Shanghai for November, despite a final week increase, amid sluggish sentiment among both real estate developers and home buyers.
The area of new residential properties sold, excluding government-subsidized affordable housing, fell 9.9 percent from October to around 484,000 square meters last month, Shanghai Centaline Property Consultants Co said in a report released yesterday.
“Despite a major rebound in the last week of November, overall transactions were very low as the market has been plagued by very slack buying momentum during the first three weeks,” said Lu Wenxi, a senior research manager at Centaline.
In the seven days to Sunday, however, the area of new residential properties sold, excluding government-subsidized affordable housing, jumped 74.4 percent from a week earlier to about 177,000 square meters, according to Shanghai Centaline.
“This was partly helped by the month-end effect, as many real estate developers choose to gear up to have a better looking performance,” Lu said.
“However, it remains hard to say whether the current strength might be maintained for another week, as it was mainly fueled by a single project which recorded extremely good sales of nearly 500 units.”
The average cost of a new home, meanwhile, dropped 7.7 percent from a month earlier to 58,529 yuan (US$8,503) per square meter, according to the Centaline data.
Some 609,000 square meters of new residential properties were launched into the market for sale last month, a decrease of 34.3 percent from October, according to Centaline.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
