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Price cuts lift sales of new homes in city
By Cao Qian |
May 24, 2011, Tuesday
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Print Edition
Print Edition
DISCOUNTS offered by some property developers lifted buying sentiment for new homes in Shanghai last week to the highest since April.
Sales of new residential properties, excluding those built under the city's affordable housing programs, rose 13.6 percent to 183,000 square meters last week, according to a research released yesterday by Shanghai Deovolente Realty. The new homes were sold for an average of 22,485 yuan (US$3,459) per square meter, a weekly drop of 4.2 percent.
"Robust transactions at a few developments where certain discounts had been offered contributed to the double-digit gain in volume from a week earlier," said Lu Qilin, research head at Deovolente. "However, the weekly performance was still far from good, and the overall buying momentum seems rather weak in the city."
For instance, some 123 units at a project in Songjiang District were sold last week for an average price of 12,856 yuan per square meter, data released by Shanghai Uwin Real Estate Information Services Co showed. The best selling units of the week had earlier registered with the local industry watchdog with an asking price of between 13,500 yuan and 15,000 yuan.
Another project in Jiading District, where 70 apartments were sold during the same period for an average price of 23,652 yuan per square meter, had earlier asked for between 28,000 yuan and 35,000 yuan per square meter.
Comparatively weak sales of luxury units during the week led to the drop in average price.
Sales of new residential properties, excluding those built under the city's affordable housing programs, rose 13.6 percent to 183,000 square meters last week, according to a research released yesterday by Shanghai Deovolente Realty. The new homes were sold for an average of 22,485 yuan (US$3,459) per square meter, a weekly drop of 4.2 percent.
"Robust transactions at a few developments where certain discounts had been offered contributed to the double-digit gain in volume from a week earlier," said Lu Qilin, research head at Deovolente. "However, the weekly performance was still far from good, and the overall buying momentum seems rather weak in the city."
For instance, some 123 units at a project in Songjiang District were sold last week for an average price of 12,856 yuan per square meter, data released by Shanghai Uwin Real Estate Information Services Co showed. The best selling units of the week had earlier registered with the local industry watchdog with an asking price of between 13,500 yuan and 15,000 yuan.
Another project in Jiading District, where 70 apartments were sold during the same period for an average price of 23,652 yuan per square meter, had earlier asked for between 28,000 yuan and 35,000 yuan per square meter.
Comparatively weak sales of luxury units during the week led to the drop in average price.
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