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New home sales may jump 26%
By Cherry Cao |
May 29, 2012, Tuesday
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Print Edition
Print Edition
NEW home transactions in Shanghai may jump 26 percent from April to touch 770,000 square meters in May if the current pace of sales is sustained for the remainder of the month, an industry report said yesterday.
The volume will be the second-highest monthly total so far this year, after 798,900 square meters in March, according to earlier market data.
As of Sunday, sales of new homes, excluding government-funded affordable housing, had amounted to 673,000 square meters in the city, Century 21 China Real Estate said yesterday.
Last week, 185,600 square meters of new homes were sold, up a weekly 27 percent.
"While weekly sales recorded a notable rebound, the overall momentum in the market still seemed rather weak with inventory climbing to a record high," said Huang Hetao, a research manager at Century 21. "The comparatively sluggish sales of high-end properties, both apartments and villas, should be the main reason behind an ever-increasing stock."
As of yesterday, stocks of new homes totaled 10.13 million square meters in Shanghai, the highest level since 2007, according to data posted on www.fangdi.com, the city's official real estate website.
That could take about 18 months for the local market to digest based on an average monthly pace of 540,000 square meters that has been posted so far this year, Huang said.
The new homes were sold at an average 24,600 yuan (US$3,892) per square meter last week, up 16 percent from the previous seven-day period, according to Century 21 data.
The volume will be the second-highest monthly total so far this year, after 798,900 square meters in March, according to earlier market data.
As of Sunday, sales of new homes, excluding government-funded affordable housing, had amounted to 673,000 square meters in the city, Century 21 China Real Estate said yesterday.
Last week, 185,600 square meters of new homes were sold, up a weekly 27 percent.
"While weekly sales recorded a notable rebound, the overall momentum in the market still seemed rather weak with inventory climbing to a record high," said Huang Hetao, a research manager at Century 21. "The comparatively sluggish sales of high-end properties, both apartments and villas, should be the main reason behind an ever-increasing stock."
As of yesterday, stocks of new homes totaled 10.13 million square meters in Shanghai, the highest level since 2007, according to data posted on www.fangdi.com, the city's official real estate website.
That could take about 18 months for the local market to digest based on an average monthly pace of 540,000 square meters that has been posted so far this year, Huang said.
The new homes were sold at an average 24,600 yuan (US$3,892) per square meter last week, up 16 percent from the previous seven-day period, according to Century 21 data.
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