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New home sales drop in Shanghai
By Cherry Cao |
July 9, 2012, Monday
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Online Edition
Online Edition
NEW home sales fell last week in Shanghai but strong momentum in the mid to high-end segment kept average prices at a high level.
The purchases of new homes, excluding government-subsidized affordable housing, dropped 43 percent from a week earlier to 199,900 square meters during the seven days ended Sunday, Shanghai Deovolente Realty Co said in a report today.
"The weekly retreat to around 200,000 square meters was no surprise to us and it was still a solid performance," said Lu Qilin, a Deovolente researcher. "Notably, sales of homes costing more than 30,000 yuan (US$4,746) per square meter still remained very robust."
Buyers paid an average of 24,966 yuan per square meter for the new homes last week, a weekly dip of 2.4 percent.
New residential properties with a price tag of more than 30,000 yuan a square meter accounted for more than 30 percent of the city's total new home transactions last week and four of the 10 best-sellers fell in that price category, according to Deovolente data.
In the luxury segment, a total of 33 new homes costing above 50,000 yuan a square meter were sold during the seven-day period, down from 108 units in the previous week.
More than 74,000 square meters of new houses at three developments were released last week, a plunge of 42.8 percent from the previous week.
"New home supply remained weak in the city for two consecutive weeks, indicating that sluggish sentiment has been growing among real estate developers as the summer slack season begins," said Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co. "July may see a volume similar to that of March or May at around 800,000 square meters while average price is expected to drop a bit from June."
The purchases of new homes, excluding government-subsidized affordable housing, dropped 43 percent from a week earlier to 199,900 square meters during the seven days ended Sunday, Shanghai Deovolente Realty Co said in a report today.
"The weekly retreat to around 200,000 square meters was no surprise to us and it was still a solid performance," said Lu Qilin, a Deovolente researcher. "Notably, sales of homes costing more than 30,000 yuan (US$4,746) per square meter still remained very robust."
Buyers paid an average of 24,966 yuan per square meter for the new homes last week, a weekly dip of 2.4 percent.
New residential properties with a price tag of more than 30,000 yuan a square meter accounted for more than 30 percent of the city's total new home transactions last week and four of the 10 best-sellers fell in that price category, according to Deovolente data.
In the luxury segment, a total of 33 new homes costing above 50,000 yuan a square meter were sold during the seven-day period, down from 108 units in the previous week.
More than 74,000 square meters of new houses at three developments were released last week, a plunge of 42.8 percent from the previous week.
"New home supply remained weak in the city for two consecutive weeks, indicating that sluggish sentiment has been growing among real estate developers as the summer slack season begins," said Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co. "July may see a volume similar to that of March or May at around 800,000 square meters while average price is expected to drop a bit from June."
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