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Rebound in new home sales amid stable average price
By Cao Qian |
May 4, 2011, Wednesday
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Print Edition
Print Edition
NEW home sales continued to rebound in Shanghai in April while the average price remained stable.
Sales of new homes, excluding those built under the city's affordable housing programs, surged 55.7 percent from March to 640,000 square meters, Shanghai Uwin Real Estate Information Services Co said yesterday.
The average price climbed a monthly 5.2 percent to 22,085 yuan (US$3,398) per square meter, Uwin data showed.
"Though April registered the second consecutive monthly growth in new home sales, the overall buying momentum in Shanghai was still weak as it only accounted for about 60 percent of the total volume recorded in the same period a year earlier," said Huang Zhijian, chief analyst at Uwin. "The coming few months will be critical to see whether real estate developers would finally compromise on price in exchange for good sales."
On the supply side, more than 1.15 million square meters of housing space in 45 projects were released locally in April, a rise of 13 percent from March.
Luxury homes, in particular, saw a notable recovery in April.
Sales of new apartments and villas costing more than 50,000 yuan per square meter surged 82.1 percent from a month earlier, Century 21 China Real Estate, operator of the city's largest property chain, said yesterday in a separate report. Across the city 122 luxury homes were sold last month, compared to 67 units in March.
Sheshan in Songjiang District, New Jiangwan Town in Yangpu District and Pudong New Area's Huamu took a combined share of more than 60 percent of the city's total sales of luxury homes by units, according to a Century 21 report.
China's home prices rose 0.4 percent monthly in April, the eighth consecutive month, Bloomberg News said yesterday, citing a latest research released by Soufun Holdings Ltd, a real-estate website portal.
Sales of new homes, excluding those built under the city's affordable housing programs, surged 55.7 percent from March to 640,000 square meters, Shanghai Uwin Real Estate Information Services Co said yesterday.
The average price climbed a monthly 5.2 percent to 22,085 yuan (US$3,398) per square meter, Uwin data showed.
"Though April registered the second consecutive monthly growth in new home sales, the overall buying momentum in Shanghai was still weak as it only accounted for about 60 percent of the total volume recorded in the same period a year earlier," said Huang Zhijian, chief analyst at Uwin. "The coming few months will be critical to see whether real estate developers would finally compromise on price in exchange for good sales."
On the supply side, more than 1.15 million square meters of housing space in 45 projects were released locally in April, a rise of 13 percent from March.
Luxury homes, in particular, saw a notable recovery in April.
Sales of new apartments and villas costing more than 50,000 yuan per square meter surged 82.1 percent from a month earlier, Century 21 China Real Estate, operator of the city's largest property chain, said yesterday in a separate report. Across the city 122 luxury homes were sold last month, compared to 67 units in March.
Sheshan in Songjiang District, New Jiangwan Town in Yangpu District and Pudong New Area's Huamu took a combined share of more than 60 percent of the city's total sales of luxury homes by units, according to a Century 21 report.
China's home prices rose 0.4 percent monthly in April, the eighth consecutive month, Bloomberg News said yesterday, citing a latest research released by Soufun Holdings Ltd, a real-estate website portal.
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