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Rebound in buying of existing properties
By Cao Qian |
June 7, 2012, Thursday
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Print Edition
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SHANGHAI'S existing property market rebounded last month amid improved sentiment among buyers, according to the latest market data.
The purchases of previously-owned properties, most being residential developments, rose 12.5 percent monthly to 16,000 units in May, Century 21 China Real Estate said in a report yesterday.
That was close to 16,400 units bought in March, the highest monthly volume in more than a year.
"The rather strong demand from budget-conscious first-time buyers, who are now entitled to preferential mortgage policies, drove the city's existing property market last month," said Huang Hetao, research manager at Century 21. "As a result, an inadequate supply also started to emerge in some areas such as Qibao in Minhang, Jiuting in Songjiang and Zhoukang in Pudong New Area."
Existing homes smaller than 90 square meters took up nearly 70 percent of the city's total deals sealed last month while previously-owned homes costing not more than 1.5 million yuan accounted for over 72 percent, according to Century 21.
Sales grew monthly in all districts except Changning, with Fengxian, Jinshan, Huangpu, Hongkou and Xuhui leading the gains of over 20 percent from April.
The purchases of previously-owned properties, most being residential developments, rose 12.5 percent monthly to 16,000 units in May, Century 21 China Real Estate said in a report yesterday.
That was close to 16,400 units bought in March, the highest monthly volume in more than a year.
"The rather strong demand from budget-conscious first-time buyers, who are now entitled to preferential mortgage policies, drove the city's existing property market last month," said Huang Hetao, research manager at Century 21. "As a result, an inadequate supply also started to emerge in some areas such as Qibao in Minhang, Jiuting in Songjiang and Zhoukang in Pudong New Area."
Existing homes smaller than 90 square meters took up nearly 70 percent of the city's total deals sealed last month while previously-owned homes costing not more than 1.5 million yuan accounted for over 72 percent, according to Century 21.
Sales grew monthly in all districts except Changning, with Fengxian, Jinshan, Huangpu, Hongkou and Xuhui leading the gains of over 20 percent from April.
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