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Sales rise from 5-month low
By Cao Qian |
August 23, 2011, Tuesday
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Print Edition
Print Edition
SHANGHAI'S new homes sales rebounded last week from a five-month low although overall sentiment remained slack.
The sales of new homes, excluding affordable housing, jumped 40.7 percent from a week earlier to 137,200 square meters across the city, according to a research released yesterday by Shanghai Deovolente Realty Co. In contrast, 150,800 square meters in weekly average transaction volume have been concluded so far this year.
The average price of new homes rose 2.4 percent weekly to nearly 22,400 yuan (US$3,500) per square meter amid increased sales of luxury properties, Deovolente data showed.
A total of 7,900 square meters of prime residential properties, costing more than 50,000 yuan per square meter, were sold in the city during the week ended Sunday, a surge of 54.9 percent from a week earlier. In particular, a 850-square-meter unit at Emperor Zillah, one of the most costly villa developments in the city, was sold at 135 million yuan, the most expensive for a single home in Shanghai so far this year, according to Deovolente.
"While buying momentum among the masses continued to stay very low over the past three weeks, the new supply of homes has been rising for two straight weeks as the traditional high season for home sales - September and October - approaches," said Lu Qilin, a researcher with Deovolente. "However, the increasing supply will not necessarily lead to higher sales unless real estate developers offer notable discounts."
Last weekend buyers gave a lukewarm response to two residential projects in the outlying districts of Jiading and Qingpu due to their "unattractive" prices, Oriental Morning Post reported yesterday.
"With abundant supply coming, the city's mid- to low-end residential market will face the highest pressure," said Huang Zhijian, chief analyst with Shanghai Uwin Real Estate Information Services Co. "Hopefully, we may see a discount of between 10 and 20 percent within the next six months at some mid- to low-end projects."
The sales of new homes, excluding affordable housing, jumped 40.7 percent from a week earlier to 137,200 square meters across the city, according to a research released yesterday by Shanghai Deovolente Realty Co. In contrast, 150,800 square meters in weekly average transaction volume have been concluded so far this year.
The average price of new homes rose 2.4 percent weekly to nearly 22,400 yuan (US$3,500) per square meter amid increased sales of luxury properties, Deovolente data showed.
A total of 7,900 square meters of prime residential properties, costing more than 50,000 yuan per square meter, were sold in the city during the week ended Sunday, a surge of 54.9 percent from a week earlier. In particular, a 850-square-meter unit at Emperor Zillah, one of the most costly villa developments in the city, was sold at 135 million yuan, the most expensive for a single home in Shanghai so far this year, according to Deovolente.
"While buying momentum among the masses continued to stay very low over the past three weeks, the new supply of homes has been rising for two straight weeks as the traditional high season for home sales - September and October - approaches," said Lu Qilin, a researcher with Deovolente. "However, the increasing supply will not necessarily lead to higher sales unless real estate developers offer notable discounts."
Last weekend buyers gave a lukewarm response to two residential projects in the outlying districts of Jiading and Qingpu due to their "unattractive" prices, Oriental Morning Post reported yesterday.
"With abundant supply coming, the city's mid- to low-end residential market will face the highest pressure," said Huang Zhijian, chief analyst with Shanghai Uwin Real Estate Information Services Co. "Hopefully, we may see a discount of between 10 and 20 percent within the next six months at some mid- to low-end projects."
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