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August 1, 2009

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Home » Business » Real Estate

Price gap hits home deals

TRANSACTION volume of existing homes in downtown Shanghai fell last month amid a ever-widening price gap between buyers and sellers, a major real estate brokerage said yesterday in its monthly research.

Sales of existing homes located within the city's Inner Ring Road tumbled almost 19 percent last month, compared with a 10-percent citywide drop, according to Century 21 Real Estate, the second-largest brokerage chain in Shanghai, which made its analysis based on statistics collated from its more than 100 branches across the city.

"We've noticed polarizing judgment on home prices from buyers and sellers, particularly on prime-located properties," said Huang Hetao, a researcher at Century 21. "The gap could reach as much as 20 percent, which is a major reason behind the shrinking volume in July."

The downtown Changning, Huangpu, Jing'an and Xuhui districts took the biggest hit as their transaction volumes slumped 30 percent over the past month.

A recent example was a 174-square-meter apartment in Jing'an, which cost 9.25 million yuan (US$1.35 million) early last month, but soared to 11.6 million yuan two weeks later. This immediately dampened the interest of buyers who only agreed to pay 9.6 million yuan for that property, said Yu Hongwei, a Century 21 branch manager in Jing'an.

In Yangpu's Anshan, Minhang's Qibao and Pudong's Tangqiao, an average price gap of 15 to 20 percent between buyers and sellers is not uncommon, the brokerage chain said.


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