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Rising prices cause existing home sales drop
By Cherry Cao |
July 17, 2012, Tuesday
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Online Edition
Online Edition
SALES of existing homes dropped in Shanghai in the first half of this month as increased prices dampened buyers' interest.
A number of areas across the city, which include Xinzhuang of Minhang District, Pengpu of Zhabei District and Beicai of Pudong New Area, witnessed decreased transaction volumes during the first 15 days of July, according to Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers.
"Quite a number of areas, particularly those registering robust sales of mid- to low-end existing homes last month, saw notable drops in volume over the past two weeks, mainly due to individual owners' recent decisions to raise their asking prices amid improved sentiment in June," said Qiu Dan, a researcher at Century 21. "However, not every home seeker seems to be ready to pay the extra."
In Pengpu, Zhabei District, for instance purchases of previously occupied houses fell more than 30 percent from the same period a month earlier, or one of the largest decreases in the city, after average prices climbed 1,000 yuan (US$158) per square meter, or about 5 to 6 percent, during the same period, Century 21 data showed.
In Xinzhuang of Minhang, average prices of existing houses rose 5 to 8 percent year-on-year in June amid increased optimism among individual home owners, making it another area suffering a significant drop of more than 30 percent in transaction volume.
A number of areas across the city, which include Xinzhuang of Minhang District, Pengpu of Zhabei District and Beicai of Pudong New Area, witnessed decreased transaction volumes during the first 15 days of July, according to Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers.
"Quite a number of areas, particularly those registering robust sales of mid- to low-end existing homes last month, saw notable drops in volume over the past two weeks, mainly due to individual owners' recent decisions to raise their asking prices amid improved sentiment in June," said Qiu Dan, a researcher at Century 21. "However, not every home seeker seems to be ready to pay the extra."
In Pengpu, Zhabei District, for instance purchases of previously occupied houses fell more than 30 percent from the same period a month earlier, or one of the largest decreases in the city, after average prices climbed 1,000 yuan (US$158) per square meter, or about 5 to 6 percent, during the same period, Century 21 data showed.
In Xinzhuang of Minhang, average prices of existing houses rose 5 to 8 percent year-on-year in June amid increased optimism among individual home owners, making it another area suffering a significant drop of more than 30 percent in transaction volume.
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