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New home transactions close in on strong monthly showing
By Cherry Cao |
May 28, 2012, Monday
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Online Edition
Online Edition
NEW home transactions in Shanghai might reach 770,000 square meters in May if the current pace of sales can be sustained in the month's last few days, according to an industry report.
If sales reach that figure, it would represent the second highest monthly total this year after March's 798,900 square meters. New home sales hit 610,900 square meters last month.
The purchase of new homes, excluding government-funded affordable housing, totaled 673,000 square meters in May as of yesterday, Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlets, said today.
Last week saw sales of 185,600 square meters of new residential properties, a week-on-week rise of 27 percent.
"While weekly sales recorded a notable rebound, the overall momentum in the market still seemed rather weak with inventory just climbing to a record high," said Huang Hetao, a research manager at Century 21. "And the comparatively sluggish sales of high-end properties, both apartments and villas, are the main reason behind the increasing stock."
New home inventories stood at 10.13 million square meters in Shanghai, the highest level since 2007, according to data displayed on www.fangdi.com, the city's official real estate website.
That would take about 18 months for the market to digest if sales progressed at this year's monthly average of 540,000 square meters, Huang said.
The new homes were sold for an average of 24,600 yuan (US$3,892) per square meter last week, an increase of 16 percent from the previous seven-day period, amid a week-on-week recovery in the high-end sector, Century 21 data showed.
Fifty-four units with a price tag of more than 50,000 yuan per square meter were sold around the city, up from 20 units the previous week.
On the supply side, 337,800 square meters of new residential properties were released locally last week, a week-on-week surge of more than 53 percent and also the highest weekly volume registered so far this year.
If sales reach that figure, it would represent the second highest monthly total this year after March's 798,900 square meters. New home sales hit 610,900 square meters last month.
The purchase of new homes, excluding government-funded affordable housing, totaled 673,000 square meters in May as of yesterday, Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlets, said today.
Last week saw sales of 185,600 square meters of new residential properties, a week-on-week rise of 27 percent.
"While weekly sales recorded a notable rebound, the overall momentum in the market still seemed rather weak with inventory just climbing to a record high," said Huang Hetao, a research manager at Century 21. "And the comparatively sluggish sales of high-end properties, both apartments and villas, are the main reason behind the increasing stock."
New home inventories stood at 10.13 million square meters in Shanghai, the highest level since 2007, according to data displayed on www.fangdi.com, the city's official real estate website.
That would take about 18 months for the market to digest if sales progressed at this year's monthly average of 540,000 square meters, Huang said.
The new homes were sold for an average of 24,600 yuan (US$3,892) per square meter last week, an increase of 16 percent from the previous seven-day period, amid a week-on-week recovery in the high-end sector, Century 21 data showed.
Fifty-four units with a price tag of more than 50,000 yuan per square meter were sold around the city, up from 20 units the previous week.
On the supply side, 337,800 square meters of new residential properties were released locally last week, a week-on-week surge of more than 53 percent and also the highest weekly volume registered so far this year.
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