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Property supply set to jump this weekend
By Cao Qian |
December 17, 2010, Friday
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Online Edition
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NEARLY 2,000 new housing units will be released to Shanghai market over the weekend, the highest weekend volume since late September, as developers hurry to cash in amid increasing likelihood of further rein-in policies from the government.
A total of 1,926 new homes at 12 projects, covering both apartments and villas, are scheduled to open for sale tomorrow and Sunday, a surge of 89 percent from a week earlier, real estate website Soufun.com said in a report released today.
By location, nine out of the 12 developments sit beyond the city's Outer Ring Road while one is in neighboring city of Kunshan, Jiangsu Province, which has therefore dragged down the average price to 21,393 yuan (US$3,212) per square meter, a drop of 18 percent from last weekend, Soufun analysts said.
"The big volume of new houses released over the weekend, coupled with widely available discounts, has indicated that developers are sort of eager to boost sales as the yearend is approaching," said Lu Yiping, a Soufun analyst. "As housing prices remain at high levels despite two rounds of tightening measures and sales volume continue to shed, there are growing possibilities that the central government might introduce new policies next year to cool down the market."
Average new home price climbed 2.5 percent to 22,468 yuan per square meter in Shanghai in November, extending strength for the fifth consecutive month, according to Shanghai Uwin Real Estate Information Services Co. And notably, average price of new apartments surged to 21,278 yuan per square meter during the period, a record for the city registered by Uwin, which started to track the local new home market since 2006.
A total of 1,926 new homes at 12 projects, covering both apartments and villas, are scheduled to open for sale tomorrow and Sunday, a surge of 89 percent from a week earlier, real estate website Soufun.com said in a report released today.
By location, nine out of the 12 developments sit beyond the city's Outer Ring Road while one is in neighboring city of Kunshan, Jiangsu Province, which has therefore dragged down the average price to 21,393 yuan (US$3,212) per square meter, a drop of 18 percent from last weekend, Soufun analysts said.
"The big volume of new houses released over the weekend, coupled with widely available discounts, has indicated that developers are sort of eager to boost sales as the yearend is approaching," said Lu Yiping, a Soufun analyst. "As housing prices remain at high levels despite two rounds of tightening measures and sales volume continue to shed, there are growing possibilities that the central government might introduce new policies next year to cool down the market."
Average new home price climbed 2.5 percent to 22,468 yuan per square meter in Shanghai in November, extending strength for the fifth consecutive month, according to Shanghai Uwin Real Estate Information Services Co. And notably, average price of new apartments surged to 21,278 yuan per square meter during the period, a record for the city registered by Uwin, which started to track the local new home market since 2006.
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