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New home sales shrink 55%
By Cao Qian |
September 20, 2011, Tuesday
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Print Edition
Print Edition
NEW home sales registered in Shanghai during the first 18 days of September plunged more than 50 percent from the same period a year earlier amid sluggish buying sentiment for another week.
Sales of new homes, excluding affordable housing, tumbled an annual 55 percent to 307,400 square meters between September 1 and Sunday, 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 be a drop from previous years," said Lu Qilin, a researcher at Deovolente. "Ever-tightening home-purchase restrictions and unyielding prices have been weighing on buyers' sentiment.''
In September last year, a total of 1.34 million square meters of new houses were sold across the city while sales during the same period of 2009 stood at 1.42 million square meters, 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 the average price 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, according to Deovolente data.
The supply of new residential properties fell a weekly 6.3 percent to 226,300 square meters, with the majority of them located in the Pudong New Area and Jiading District.
Sales of new homes, excluding affordable housing, tumbled an annual 55 percent to 307,400 square meters between September 1 and Sunday, 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 be a drop from previous years," said Lu Qilin, a researcher at Deovolente. "Ever-tightening home-purchase restrictions and unyielding prices have been weighing on buyers' sentiment.''
In September last year, a total of 1.34 million square meters of new houses were sold across the city while sales during the same period of 2009 stood at 1.42 million square meters, 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 the average price 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, according to Deovolente data.
The supply of new residential properties fell a weekly 6.3 percent to 226,300 square meters, with the majority of them located in the Pudong New Area and Jiading District.
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