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New home sales halve during first 18 days of September
By Cao Qian |
September 19, 2011, Monday
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Online Edition
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NEW home sales registered in Shanghai during the first 18 days of this month plunged more than 50 percent from the same period a year earlier after extremely slack momentum among buyers extended for another week.
Sales of new homes, excluding affordable housing, totaled 307,400 square meters between September 1 and September 18, a year-on-year drop of 55 percent, according to a report released yesterday by Shanghai Deovolente Realty Co.
"For the whole month, the overall volume will probably hover just around 500,000 square meters in the city if the current pace of sales continues, which could represent a dive from previous years," said Lu Qilin, a researcher at Deovolente. "Ever-tightening home-purchase restriction, coupled with still unyielding prices, has been keeping buyers' sentiment at an extremely low level."
In September last year, a total of 1.34 million square meters of new houses were sold across the city whereas during the same period of 2009, the transaction volume of new homes stood at 1.42 million square meters in Shanghai, according to Deovolente data.
Last week, new home sales climbed 3.8 percent in the city from the previous seven-day period to 115,700 square meters while average prices fell 10.2 percent from a week earlier to 22,285 yuan (US$3,493) per square meter after fewer high-end properties were sold, Deovolente data showed.
On the supply side, meanwhile, a total of 226,300 square meters of new residential properties, the majority of which were located in Pudong New Area and Jiading District, were released to the local market, a weekly decrease of 6.3 percent.
The city's weekly new home supply has remained above 200,000 square meters for three straight weeks but didn't help boost sales as prices still remained high.
As of yesterday, new home inventory excluding affordable housing still stood above 8.1 million square meters in the city, a record stock that might take more than 15 months to be digested at the current sales pace, industry analysts said.
Sales of new homes, excluding affordable housing, totaled 307,400 square meters between September 1 and September 18, a year-on-year drop of 55 percent, according to a report released yesterday by Shanghai Deovolente Realty Co.
"For the whole month, the overall volume will probably hover just around 500,000 square meters in the city if the current pace of sales continues, which could represent a dive from previous years," said Lu Qilin, a researcher at Deovolente. "Ever-tightening home-purchase restriction, coupled with still unyielding prices, has been keeping buyers' sentiment at an extremely low level."
In September last year, a total of 1.34 million square meters of new houses were sold across the city whereas during the same period of 2009, the transaction volume of new homes stood at 1.42 million square meters in Shanghai, according to Deovolente data.
Last week, new home sales climbed 3.8 percent in the city from the previous seven-day period to 115,700 square meters while average prices fell 10.2 percent from a week earlier to 22,285 yuan (US$3,493) per square meter after fewer high-end properties were sold, Deovolente data showed.
On the supply side, meanwhile, a total of 226,300 square meters of new residential properties, the majority of which were located in Pudong New Area and Jiading District, were released to the local market, a weekly decrease of 6.3 percent.
The city's weekly new home supply has remained above 200,000 square meters for three straight weeks but didn't help boost sales as prices still remained high.
As of yesterday, new home inventory excluding affordable housing still stood above 8.1 million square meters in the city, a record stock that might take more than 15 months to be digested at the current sales pace, industry analysts said.
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