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December 1, 2009

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Home » Business » Real Estate

Rush to close sees climb in home deals

SHANGHAI recorded a double-digit rise in transactions and supply of existing homes in November from a month earlier as buyers and sellers rushed to conclude deals.

Home prices, meanwhile, continued to climb amid robust market sentiment that was primarily driven by a fear that preferential policies introduced a year earlier by the local government to boost the market might expire soon, two of the city's biggest real estate brokerage chains said yesterday.

"The transaction volume has increased notably since the second week of November as more buyers and sellers are reaching a consensus," said Huang Hetao, a researcher at Century 21 China Real Estate. "In particular, mid to low-class homes in non-central areas of the city were the most sought after by buyers."

Century 21 handled 13 percent more in transaction volume in the first 28 days of November, compared with a month ago while it saw supply soar nearly 20 percent in the same period. Average home prices rose by 4 to 10 percent by districts from the same period a month earlier.

Across the city, transactions rose the most - 50 to 100 percent - in rather remote areas such as Gongkang in Baoshan, Qibao in Minhang, Jiuting in Songjiang and Zhangjiang and Sanlin in Pudong, the company said, while three downtown districts, Huangpu, Luwan and Jing'an, suffered as much as a 30-percent drop.

Shanghai Centaline Property Consultants Ltd also reported robust business over the past month.

"Transactions and supply gained by about 30 percent and 25 percent, respectively, from October at Centaline branches," said Lu Shanglun, deputy general manager at Shanghai Centaline. "In terms of home price, we've noticed an average increase of 5 percent across the city from a month earlier."

Late last year, Shanghai launched measures to shore up the housing market. Some of the measures are due to expire at the end of this year.


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