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Sales of new homes drop due to Qingming
By Cherry Cao |
April 10, 2012, Tuesday
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Print Edition
Print Edition
THE sales of new homes in Shanghai dropped last week to the lowest in seven weeks due to the three-day Qingming Festival holiday.
The purchases of new homes, excluding government-funded affordable housing, dived 52 percent from a week earlier to 107,300 square meters during the seven-day period ended Sunday, according to a research released yesterday by Shanghai Deovolente Realty Co.
"The transactions of new residential properties plunged last week due to sluggish momentum during the three-day holiday," said Lu Qilin, a researcher at Deovolente.
Lu said the purchases were even lower than the average weekly volume of 108,900 square meters in Shanghai so far this year.
Between April 2 and April 4, only 24,700 square meters of new houses were sold across the city, Deovolente data showed. In the same period of last year, 34,300 square meters of new houses were sold.
Baoshan District continued to lead last week with 25,000 square meters. The Yangpu and Minhang were the only two districts where new home sales rose week on week.
Buyers paid an average of 21,871 yuan (US$3,472) per square meter for the new homes, a weekly rise of 3.9 percent.
Tang Zhengwei, a Soufun analyst, said buying sentiment among home seekers "will likely pick up again over the next few weeks because most real estate developers have decided that offering discounts is the only effective way to trigger sales."
On the supply side, new homes totaling 200,000 square meters at nine projects were released to the local market last week, up 53.4 percent from the previous seven-day period, according to Deovolente data.
The purchases of new homes, excluding government-funded affordable housing, dived 52 percent from a week earlier to 107,300 square meters during the seven-day period ended Sunday, according to a research released yesterday by Shanghai Deovolente Realty Co.
"The transactions of new residential properties plunged last week due to sluggish momentum during the three-day holiday," said Lu Qilin, a researcher at Deovolente.
Lu said the purchases were even lower than the average weekly volume of 108,900 square meters in Shanghai so far this year.
Between April 2 and April 4, only 24,700 square meters of new houses were sold across the city, Deovolente data showed. In the same period of last year, 34,300 square meters of new houses were sold.
Baoshan District continued to lead last week with 25,000 square meters. The Yangpu and Minhang were the only two districts where new home sales rose week on week.
Buyers paid an average of 21,871 yuan (US$3,472) per square meter for the new homes, a weekly rise of 3.9 percent.
Tang Zhengwei, a Soufun analyst, said buying sentiment among home seekers "will likely pick up again over the next few weeks because most real estate developers have decided that offering discounts is the only effective way to trigger sales."
On the supply side, new homes totaling 200,000 square meters at nine projects were released to the local market last week, up 53.4 percent from the previous seven-day period, according to Deovolente data.
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