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Sales of new homes sparkle
By Cao Qian |
September 2, 2010, Thursday
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Print Edition
Print Edition
NEW home sales rebounded notably in Shanghai last month with volume and price climbing as buying sentiment recovered.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, jumped 70 percent to 730,000 square meters in August, the highest in four months, Shanghai Uwin Real Estate Information Services Co said yesterday.
"Market momentum rebounded in August as some home buyers, who sat on the sidelines waiting for price cuts, finally decided to purchase because the latest tightening measures by the central government do not seem to take full effect yet after being implemented for four months," said Lu Qilin, an analyst with Uwin. "On the other hand, an increased supply of mid- to low-end houses during the period also helped boost demand particularly from end-users."
Nearly 60 percent of new homes sold in the city last month were around 90 square meters each, according to Uwin statistics.
The average price of new homes also rose nearly 10 percent from July to 21,156 yuan (US$3,120) per square meter mainly due to more mid- to high-end houses being bought.
For instance, 87 apartments covering 16,949 square meters in Wharf Xiyuan, a high-end residential development in northeastern New Jiangwan Town of Yangpu District, were sold at an average price of 43,702 yuan per square meter in August.
Across the city, about 96,000 square meters of new homes selling at more than 30,000 yuan per square meter were sold last month, a surge of 110 percent from July, according to Uwin research.
The supply of new homes last month soared 58 percent from July to 810,000 square meters with more than half of them located in the outlying districts of Jiading, Fengxian and Baoshan. Of the total, 640,000 square meters were released in the second half of August - a sign of improved sentiment among developers who are hoping for robust sales in September and October.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, jumped 70 percent to 730,000 square meters in August, the highest in four months, Shanghai Uwin Real Estate Information Services Co said yesterday.
"Market momentum rebounded in August as some home buyers, who sat on the sidelines waiting for price cuts, finally decided to purchase because the latest tightening measures by the central government do not seem to take full effect yet after being implemented for four months," said Lu Qilin, an analyst with Uwin. "On the other hand, an increased supply of mid- to low-end houses during the period also helped boost demand particularly from end-users."
Nearly 60 percent of new homes sold in the city last month were around 90 square meters each, according to Uwin statistics.
The average price of new homes also rose nearly 10 percent from July to 21,156 yuan (US$3,120) per square meter mainly due to more mid- to high-end houses being bought.
For instance, 87 apartments covering 16,949 square meters in Wharf Xiyuan, a high-end residential development in northeastern New Jiangwan Town of Yangpu District, were sold at an average price of 43,702 yuan per square meter in August.
Across the city, about 96,000 square meters of new homes selling at more than 30,000 yuan per square meter were sold last month, a surge of 110 percent from July, according to Uwin research.
The supply of new homes last month soared 58 percent from July to 810,000 square meters with more than half of them located in the outlying districts of Jiading, Fengxian and Baoshan. Of the total, 640,000 square meters were released in the second half of August - a sign of improved sentiment among developers who are hoping for robust sales in September and October.
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