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New home sales rise below estimates
By Cao Qian |
September 6, 2011, Tuesday
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Print Edition
Print Edition
SHANGHAI posted a rise in new home sales last week but analysts said the increase was below expectations, and although the average price retreated it was still above 22,000 yuan (US$3,443) per square meter for the third straight week.
Sales of new homes, excluding affordable housing, climbed 13.5 percent from a week earlier to 153,200 square meters while the average price dipped 1 percent to 22,091 yuan per square meter during the same period, according to a report released yesterday by Shanghai Deovolente Realty Co.
"Though transaction volume registered a two-digit week-on-week growth, it was still far from our expectations for what should be sold in the traditional high season for home sales," said Lu Qilin, a researcher with Deovolente. "The weekly volume of new home sales in Shanghai during September and October is usually above 250,000 square meters."
While the market saw overall growth, the luxury segment where new houses are sold at more than 50,000 yuan per square meter fell 1.5 percent last week from a week earlier to 6,600 square meters.
The supply of new houses in the local market almost doubled from a week earlier to 207,200 square meters to reach the highest in six weeks, according to Deovolente data.
"Notably, one of China Resourses Land's developments in Nanxiang of Jiading District launched more than 88,000 square meters for sale alone on the last day of August, making it the No. 1 residential project in the city by volume available for sale," said Huang Zhijian, chief analyst with Shanghai Uwin Real Estate Information Services Co.
Sales of new homes, excluding affordable housing, climbed 13.5 percent from a week earlier to 153,200 square meters while the average price dipped 1 percent to 22,091 yuan per square meter during the same period, according to a report released yesterday by Shanghai Deovolente Realty Co.
"Though transaction volume registered a two-digit week-on-week growth, it was still far from our expectations for what should be sold in the traditional high season for home sales," said Lu Qilin, a researcher with Deovolente. "The weekly volume of new home sales in Shanghai during September and October is usually above 250,000 square meters."
While the market saw overall growth, the luxury segment where new houses are sold at more than 50,000 yuan per square meter fell 1.5 percent last week from a week earlier to 6,600 square meters.
The supply of new houses in the local market almost doubled from a week earlier to 207,200 square meters to reach the highest in six weeks, according to Deovolente data.
"Notably, one of China Resourses Land's developments in Nanxiang of Jiading District launched more than 88,000 square meters for sale alone on the last day of August, making it the No. 1 residential project in the city by volume available for sale," said Huang Zhijian, chief analyst with Shanghai Uwin Real Estate Information Services Co.
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