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New home sales slip 0.13% in Shanghai
By Cherry Cao |
April 23, 2012, Monday
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Online Edition
Online Edition
BUYING sentiment for new homes remained flat overall in Shanghai last week although purchases of villas soared to the highest this year.
Sales of new residential properties, excluding government-funded affordable housing, dipped 0.13 percent from a week earlier to 152,400 square meters across the city during the seven-day period ended Sunday, according to a report released today by Shanghai Deovolente Realty Co.
The new homes were sold for an average 22,575 yuan (US$3,589) per square meter, a week-on-week increase of 7.15 percent.
"Compared to March, the market seemed to be rather quiet over the past three weeks," said Lu Qilin, a researcher at Deovolente. "Notably, two projects costing less than 10,000 yuan per square meter were among the city's 10 best-selling developments last week, an indication that there's now increasing pressure among developers of suburban projects."
Around the city, Regency Garden, a villa project by Hutchison Whampoa in Nanhui, Pudong New Area, topped all others with 94 units being sold for an average price of less than 24,000 yuan per square meter last week, according to data released by Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlets.
Robust sales at this project, which earlier set its asking price at a minimum 25,000 yuan per square meter, therefore, boosted weekly villa transactions to the highest since the beginning of this year, Century 21 data showed.
New home supply, meanwhile, surged to 221,900 square meters last week, compared to 48,500 square meters released during the previous week, according to Deovolente data.
This month, new home sales will probably hover around 600,000 square meters in the city, a notable decrease from nearly 800,000 square meters in March, Shanghai Uwin Real Estate Information Services Co predicted.
As of Sunday, a total of 429,800 square meters of new residential properties have been sold this month, Uwin data showed.
Sales of new residential properties, excluding government-funded affordable housing, dipped 0.13 percent from a week earlier to 152,400 square meters across the city during the seven-day period ended Sunday, according to a report released today by Shanghai Deovolente Realty Co.
The new homes were sold for an average 22,575 yuan (US$3,589) per square meter, a week-on-week increase of 7.15 percent.
"Compared to March, the market seemed to be rather quiet over the past three weeks," said Lu Qilin, a researcher at Deovolente. "Notably, two projects costing less than 10,000 yuan per square meter were among the city's 10 best-selling developments last week, an indication that there's now increasing pressure among developers of suburban projects."
Around the city, Regency Garden, a villa project by Hutchison Whampoa in Nanhui, Pudong New Area, topped all others with 94 units being sold for an average price of less than 24,000 yuan per square meter last week, according to data released by Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlets.
Robust sales at this project, which earlier set its asking price at a minimum 25,000 yuan per square meter, therefore, boosted weekly villa transactions to the highest since the beginning of this year, Century 21 data showed.
New home supply, meanwhile, surged to 221,900 square meters last week, compared to 48,500 square meters released during the previous week, according to Deovolente data.
This month, new home sales will probably hover around 600,000 square meters in the city, a notable decrease from nearly 800,000 square meters in March, Shanghai Uwin Real Estate Information Services Co predicted.
As of Sunday, a total of 429,800 square meters of new residential properties have been sold this month, Uwin data showed.
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