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New home sales in May in Shanghai hit 21-month high
By Cao Qian |
June 2, 2009, Tuesday
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Print Edition
Print Edition
THE sales of new homes reached a 21-month high in Shanghai last month as demand for mid to high-end residential properties rose.
A total of 2.1 million square meters of new houses, excluding those designated for relocation uses, changed hands across the city in May, a month-on-month jump of 10.5 percent, according to statistics released yesterday by E-house (China) Holdings Ltd.
"The monthly volume was the highest since August 2007 when some 2.06 million square meters of new homes were sold across the city," said Xue Jianxiong, an analyst with E-House. "The active trading of mid to high-end apartments in downtown districts, coupled with some villa projects in suburban areas, helped boost the volume."
According to E-House research, new home sales in downtown districts of Hongkou, Luwan, Jing'an, Xuhui and Changning surged 331 percent, 207 percent, 52 percent, 45 percent and 33 percent, respectively, in May, while demand for villas also rose in suburban areas such as Fengxian and Nanhui, where the transaction volume of new homes jumped 98 percent and 37 percent, respectively, from April.
Demand from end-users, who have been regarded as a major buying force behind the city's sales boom over the past few months, seemed to abate last month.
The volume of new homes sold in Putuo, Pudong New Area, Qingpu, Baoshan and Jiading, traditional areas sought after by end-users, fell 42 percent, 28 percent, 18 percent, 13 percent and 11 percent, respectively, last month, according to E-House research.
The average price of new homes rose to 13,442 yuan (US$1,968) per square meter in May, from 13,296 yuan per square meter a month earlier, according to the statistics.
In terms of supply, a total of 1.19 million square meters of new homes were launched in the city last month, compared with 1.07 million square meters in April.
"The supply remained rather low over the past five months and that also caused the recent price increase," said Lu Qilin, a researcher at Shanghai Uwin Real Estate Information Services Co. "For example, nearly 80 residential projects across the city are currently sold at their highest prices since 2008."
A total of 2.1 million square meters of new houses, excluding those designated for relocation uses, changed hands across the city in May, a month-on-month jump of 10.5 percent, according to statistics released yesterday by E-house (China) Holdings Ltd.
"The monthly volume was the highest since August 2007 when some 2.06 million square meters of new homes were sold across the city," said Xue Jianxiong, an analyst with E-House. "The active trading of mid to high-end apartments in downtown districts, coupled with some villa projects in suburban areas, helped boost the volume."
According to E-House research, new home sales in downtown districts of Hongkou, Luwan, Jing'an, Xuhui and Changning surged 331 percent, 207 percent, 52 percent, 45 percent and 33 percent, respectively, in May, while demand for villas also rose in suburban areas such as Fengxian and Nanhui, where the transaction volume of new homes jumped 98 percent and 37 percent, respectively, from April.
Demand from end-users, who have been regarded as a major buying force behind the city's sales boom over the past few months, seemed to abate last month.
The volume of new homes sold in Putuo, Pudong New Area, Qingpu, Baoshan and Jiading, traditional areas sought after by end-users, fell 42 percent, 28 percent, 18 percent, 13 percent and 11 percent, respectively, last month, according to E-House research.
The average price of new homes rose to 13,442 yuan (US$1,968) per square meter in May, from 13,296 yuan per square meter a month earlier, according to the statistics.
In terms of supply, a total of 1.19 million square meters of new homes were launched in the city last month, compared with 1.07 million square meters in April.
"The supply remained rather low over the past five months and that also caused the recent price increase," said Lu Qilin, a researcher at Shanghai Uwin Real Estate Information Services Co. "For example, nearly 80 residential projects across the city are currently sold at their highest prices since 2008."
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