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Property deals tumble 37% in H1
By Cao Qian |
July 4, 2012, Wednesday
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Print Edition
Print Edition
MAJOR real estate deals in Shanghai dropped more than one third in the first half of this year, with office buildings being the most preferred investment, an international real estate services provider said yesterday.
Property acquisitions worth more than US$10 million each fell to 12.7 billion yuan (US$2 billion) in the city between January and June, down 37 percent from the same period a year earlier, according to DTZ. Last year, about 40 billion yuan worth of en bloc property deals were done in Shanghai, the highest since 2006, DTZ data showed.
The office segment accounted for 73 percent of the total real estate investment in the city in the first half, up from 67 percent in the same period in 2011. Next came hotels with 13 percent and retail properties with 11 percent, according to DTZ.
"Notably, no investment deals in residential properties were sealed during the six-month period amid the government's restraint policies aimed at curbing speculation while high-quality offices continued to be the most sought-after real estate type," Jim Yip, co-head of DTZ China Investment, said.
He said that domestic buyers dominated as they sealed 78 percent of the total deals in the period while overseas players were more cautious.
Owner-occupiers made up 57 percent of buyers in the first six months, beating pure investors for the first time, DTZ said. In 2011 their share came to 16 percent.
Property acquisitions worth more than US$10 million each fell to 12.7 billion yuan (US$2 billion) in the city between January and June, down 37 percent from the same period a year earlier, according to DTZ. Last year, about 40 billion yuan worth of en bloc property deals were done in Shanghai, the highest since 2006, DTZ data showed.
The office segment accounted for 73 percent of the total real estate investment in the city in the first half, up from 67 percent in the same period in 2011. Next came hotels with 13 percent and retail properties with 11 percent, according to DTZ.
"Notably, no investment deals in residential properties were sealed during the six-month period amid the government's restraint policies aimed at curbing speculation while high-quality offices continued to be the most sought-after real estate type," Jim Yip, co-head of DTZ China Investment, said.
He said that domestic buyers dominated as they sealed 78 percent of the total deals in the period while overseas players were more cautious.
Owner-occupiers made up 57 percent of buyers in the first six months, beating pure investors for the first time, DTZ said. In 2011 their share came to 16 percent.
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