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Price cuts as new homes rise
By Cao Qian |
September 27, 2011, Tuesday
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Print Edition
Print Edition
AN imbalance between supply and sales continued to add to Shanghai's inventory of new homes, leading some major real estate developers to finally offer notable price cuts.
Sales of new homes, excluding affordable housing, edged up 5 percent weekly to 121,500 square meters in the seven-day period ended last Sunday, according to a report released yesterday by Shanghai Deovolente Realty Co. The supply of new homes, however, jumped nearly 57 percent from a week earlier to 355,100 square meters, the highest weekly volume in 13 weeks, Deovolente data showed.
The average price of new homes fell 3.6 percent to 21,478 yuan (US$3,366) per square meter due to a drop in sales of luxury properties. About 5,900 square meters of new homes selling at more than 50,000 yuan per square meter were sold last week, a drop of 18 percent from a week earlier.
"The monthly sales for September should probably hit around 500,000 square meters as slack momentum continued for another week," said Lu Qilin, a researcher at Deovolente. "Notably, some larger players finally agreed to offer rather significant discounts to buyers to boost sales."
A Gemdale Corp development in Dachang, northern Baoshan District, sold 100 apartments last week for an average 17,615 yuan per square meter, down more than 10 percent from the previous batch of units at the same project which were launched for sale in July, according to data released by Shanghai Uwin Real Estate Information Services Co.
By yesterday, the supply of new homes in Shanghai totaled 8.7 million square meters, real estate website www.fangdi.com.cn showed, a 37 percent gain from the end of 2010, said Century 21 China Real Estate.
Sales of new homes, excluding affordable housing, edged up 5 percent weekly to 121,500 square meters in the seven-day period ended last Sunday, according to a report released yesterday by Shanghai Deovolente Realty Co. The supply of new homes, however, jumped nearly 57 percent from a week earlier to 355,100 square meters, the highest weekly volume in 13 weeks, Deovolente data showed.
The average price of new homes fell 3.6 percent to 21,478 yuan (US$3,366) per square meter due to a drop in sales of luxury properties. About 5,900 square meters of new homes selling at more than 50,000 yuan per square meter were sold last week, a drop of 18 percent from a week earlier.
"The monthly sales for September should probably hit around 500,000 square meters as slack momentum continued for another week," said Lu Qilin, a researcher at Deovolente. "Notably, some larger players finally agreed to offer rather significant discounts to buyers to boost sales."
A Gemdale Corp development in Dachang, northern Baoshan District, sold 100 apartments last week for an average 17,615 yuan per square meter, down more than 10 percent from the previous batch of units at the same project which were launched for sale in July, according to data released by Shanghai Uwin Real Estate Information Services Co.
By yesterday, the supply of new homes in Shanghai totaled 8.7 million square meters, real estate website www.fangdi.com.cn showed, a 37 percent gain from the end of 2010, said Century 21 China Real Estate.
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