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Sales of used homes decline
By Cherry Cao |
May 10, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI'S existing property market failed to sustain March's strong sales last month amid a drop in supply and a continued caution among buyers, according to the latest market data.
The market posted a 13.3 percent monthly drop in purchases of these properties, most of which were residential developments, to 14,300 units last month, Century 21 China Real Estate said in a report yesterday.
"The supply of 'value-for-price' properties continued to drop after the sales boom in March while the stable prices of existing houses also damped the interest of many home seekers who were still eying further discounts," said Huang Hetao, a research mana-ger at Century 21.
"The tug-of-war between individual home owners and buyers may continue for some time, at least over the coming two months," he said.
The existing properties were sold for an average of 16,200 yuan (US$2,565) per square meter in April, almost flat from a month earlier, according to Century 21 data.
The market posted a 13.3 percent monthly drop in purchases of these properties, most of which were residential developments, to 14,300 units last month, Century 21 China Real Estate said in a report yesterday.
"The supply of 'value-for-price' properties continued to drop after the sales boom in March while the stable prices of existing houses also damped the interest of many home seekers who were still eying further discounts," said Huang Hetao, a research mana-ger at Century 21.
"The tug-of-war between individual home owners and buyers may continue for some time, at least over the coming two months," he said.
The existing properties were sold for an average of 16,200 yuan (US$2,565) per square meter in April, almost flat from a month earlier, according to Century 21 data.
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