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New home sales rise in H1
By Cao Qian |
July 1, 2011, Friday
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Print Edition
Print Edition
SHANGHAI'S new housing market registered year-on-year increases in both volume and price in the first six months of this year, according to a report released yesterday by Shanghai Deovolente Realty Co.
Sales of new homes, excluding those built under the city's affordable housing programs, rose 8.5 percent to 3.85 million square meters while the average price climbed 4.38 percent to 21,930 yuan (US$3,390) per square meter, Deovolente said.
On the supply side, a total of 5.4 million square meters of new residential properties were released between January and June, a year-on-year growth of 22.7 percent.
Lu Qilin, a researcher with Deovolente, said transaction volume still managed to grow in the first half, despite significant drops since February, because sales in 2010 were also hit by government measures aimed at curbing housing speculation.
"However, the decline in sales over the past few months still hasn't forced real estate developers to offer major price cuts," Lu said.
In the high-end housing market, a total of 180,000 square meters of luxury homes, costing more than 50,000 yuan per square meter, were sold in Shanghai during the six-month period, remaining little changed from the same period a year earlier. The average price of luxury properties exceeded 70,000 yuan per square meter in the first half.
More than 80 units of new homes costing more than 100,000 yuan per square meter sold in the first half, compared to more than 70 units recorded for all of 2010, according to Deovolente data.
Sales of new homes, excluding those built under the city's affordable housing programs, rose 8.5 percent to 3.85 million square meters while the average price climbed 4.38 percent to 21,930 yuan (US$3,390) per square meter, Deovolente said.
On the supply side, a total of 5.4 million square meters of new residential properties were released between January and June, a year-on-year growth of 22.7 percent.
Lu Qilin, a researcher with Deovolente, said transaction volume still managed to grow in the first half, despite significant drops since February, because sales in 2010 were also hit by government measures aimed at curbing housing speculation.
"However, the decline in sales over the past few months still hasn't forced real estate developers to offer major price cuts," Lu said.
In the high-end housing market, a total of 180,000 square meters of luxury homes, costing more than 50,000 yuan per square meter, were sold in Shanghai during the six-month period, remaining little changed from the same period a year earlier. The average price of luxury properties exceeded 70,000 yuan per square meter in the first half.
More than 80 units of new homes costing more than 100,000 yuan per square meter sold in the first half, compared to more than 70 units recorded for all of 2010, according to Deovolente data.
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