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Sales of luxury homes tumble over 50%
By Cao Qian |
April 3, 2010, Saturday
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Print Edition
Print Edition
SALES of luxury houses in Shanghai plunged more than 50 percent in the first quarter of this year from the previous three months, but the average price continued to soar.
A total of 338 units, or 86,700 square meters, of luxury residential properties costing more than 50,000 yuan (US$7,320) per square meter were sold across the city between January and March, a tumble of 51.5 percent on a quarterly basis, China Real Estate Information Corp (CRIC), a property information, consulting and online services provider, said yesterday.
"While sales volume (of luxury homes) fell by more than half compared with the previous three-month period, the luxury housing market still outperformed the city's overall residential market during the same period, which witnessed a more than 64 percent drop in first-quarter volume from the last quarter of 2009," said Xue Jianxiong, a CRIC analyst.
By value, Seasons Villas by Hutchison Whampoa reaped a total of 980 million yuan during the first three months after selling 37 units, or an average unit price of 26.5 million yuan. By space, 13,735 square meters, or 106 units, at Yanlord Town, a development by Yanlord Group from Singapore, were transacted during the period -- the most among all luxury housing projects in the city.
The prices of most luxury homes in the city grew sharply from three months ago.
Seasons Villas homes were sold at an average 83,800 yuan per square meter in the fourth quarter of 2009 but the average price increased to 93,600 yuan per square meter in March.
Homes at Yanlord Town recorded a quarterly price gain of more than 20 percent.
A total of 338 units, or 86,700 square meters, of luxury residential properties costing more than 50,000 yuan (US$7,320) per square meter were sold across the city between January and March, a tumble of 51.5 percent on a quarterly basis, China Real Estate Information Corp (CRIC), a property information, consulting and online services provider, said yesterday.
"While sales volume (of luxury homes) fell by more than half compared with the previous three-month period, the luxury housing market still outperformed the city's overall residential market during the same period, which witnessed a more than 64 percent drop in first-quarter volume from the last quarter of 2009," said Xue Jianxiong, a CRIC analyst.
By value, Seasons Villas by Hutchison Whampoa reaped a total of 980 million yuan during the first three months after selling 37 units, or an average unit price of 26.5 million yuan. By space, 13,735 square meters, or 106 units, at Yanlord Town, a development by Yanlord Group from Singapore, were transacted during the period -- the most among all luxury housing projects in the city.
The prices of most luxury homes in the city grew sharply from three months ago.
Seasons Villas homes were sold at an average 83,800 yuan per square meter in the fourth quarter of 2009 but the average price increased to 93,600 yuan per square meter in March.
Homes at Yanlord Town recorded a quarterly price gain of more than 20 percent.
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