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New home supply set to drop
By Cao Qian |
December 24, 2010, Friday
|
Print Edition
Print Edition
THE supply of new homes in Shanghai is expected to drop significantly in January as the Spring Festival occurs slightly earlier in 2011 while developers prefer to wait amid a rising likelihood the government may impose more tighter measures.
Seven villa developments and 12 apartment projects may be released in the local market in January, a drop of 70 percent from this month and down 69 percent from same month a year ago, according to a latest research released by real estate website Soufun.com.
"Weeks before and after the lunar new year holiday are traditionally a sluggish period for property sales in the country and that would be a major reason behind the notable decline," said Lu Yiping, a Soufun analyst. "In addition, there has been growing speculation that the central government might introduce more tightening measures in early 2011 as housing prices remain at record high levels despite two rounds of restrictions over the past eight months."
The Spring Festival falls on February 3 next year; it was mid February this year.
Of the 19 projects to be released next month, housing units larger than 90 square meters will account for 77 percent, according to Soufun research. By area, northeastern Yangpu District and the outlying districts of Jiading and Qingpu will account for more than half of the supply with 10 projects located in the three districts.
Some real estate developers will delay their sales campaign until March when buying sentiment may pick up, while others, sensing more measures such as a property tax, prefer to wait until the government gives a clearer signal, analysts said.
Seven villa developments and 12 apartment projects may be released in the local market in January, a drop of 70 percent from this month and down 69 percent from same month a year ago, according to a latest research released by real estate website Soufun.com.
"Weeks before and after the lunar new year holiday are traditionally a sluggish period for property sales in the country and that would be a major reason behind the notable decline," said Lu Yiping, a Soufun analyst. "In addition, there has been growing speculation that the central government might introduce more tightening measures in early 2011 as housing prices remain at record high levels despite two rounds of restrictions over the past eight months."
The Spring Festival falls on February 3 next year; it was mid February this year.
Of the 19 projects to be released next month, housing units larger than 90 square meters will account for 77 percent, according to Soufun research. By area, northeastern Yangpu District and the outlying districts of Jiading and Qingpu will account for more than half of the supply with 10 projects located in the three districts.
Some real estate developers will delay their sales campaign until March when buying sentiment may pick up, while others, sensing more measures such as a property tax, prefer to wait until the government gives a clearer signal, analysts said.
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