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New housing sales drop due to holiday
By Cherry Cao |
April 8, 2013, Monday
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Online Edition
Online Edition
THE purchases of new residential properties plunged last week in Shanghai partly due to the three-day Tomb Sweeping Festival holiday.
Excluding government-funded affordable housing, sales tumbled 60 percent from the previous week to 173,500 square meters, Shanghai Deovolente Realty Co said today.
"The three-day holiday obviously affected property purchases while at the same time, abated demand among home seekers following extremely hot sales over the past month also led to the drop," said Lu Qilin, a researcher at Deovolente.
The average cost of the new homes climbed 3.9 percent from the previous seven-day period to 25,249 yuan (US$4,020) per square meter amid robust sales of mid to high-end houses.
New homes with a cost of more than 30,000 yuan per square meter accounted for one fourth of the city's total sales registered over the past seven days ended on Sunday, Deovolente data showed.
On the supply side, only 20,700 square meters of new homes were released locally, a weekly dive of 96 percent.
Excluding government-funded affordable housing, sales tumbled 60 percent from the previous week to 173,500 square meters, Shanghai Deovolente Realty Co said today.
"The three-day holiday obviously affected property purchases while at the same time, abated demand among home seekers following extremely hot sales over the past month also led to the drop," said Lu Qilin, a researcher at Deovolente.
The average cost of the new homes climbed 3.9 percent from the previous seven-day period to 25,249 yuan (US$4,020) per square meter amid robust sales of mid to high-end houses.
New homes with a cost of more than 30,000 yuan per square meter accounted for one fourth of the city's total sales registered over the past seven days ended on Sunday, Deovolente data showed.
On the supply side, only 20,700 square meters of new homes were released locally, a weekly dive of 96 percent.
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