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Shanghai home sales, prices continue rise
By Cherry Cao |
March 26, 2012, Monday
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Online Edition
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PURCHASES of new homes continued to rise in Shanghai last week with mid to high-end developments dominating the Top 3 sellers, market data showed today.
Sales of new residential properties, excluding government-funded affordable housing, climbed 8.7 percent weekly to 174,600 meters over the seven days ended Sunday, Shanghai Deovolente Realty Co said. The average price, meanwhile, jumped 17.8 percent to 25,675 yuan (US$4,088) per square meter, extending gains for the fourth straight week.
"Two of the city's Top 3 best-selling projects cost more than 50,000 yuan a square meter and that helped push the weekly average price to the highest since February," said Lu Qilin, a researcher at Deovolente. "While buying sentiment kept rebounding over the past few weeks, it's still somewhat early to say a fully-fledged recovery has been on its way."
A total of 61 new homes with a price tag of over 50,000 yuan per square meter were sold last week, with a villa project in Sanlin, Pudong New Area, registering sales of 47 units alone, the best across the city, according to Deovolente data.
On the supply side, new homes totaling more than 280,000 square meters at 13 projects were released to the local market during the past seven-day period, a week-on-week surge of 140 percent.
"The weekly supply was the highest in about 14 weeks," said Huang Hetao, a research manager at major estate chain Century 21 China Real Estate. "And most developers are still adopting a strategy to release homes more frequently while at the same time offering a small number of units at one time in hope to trigger buying sentiment."
Only four projects coming out last week launched more than 30,000 square meters for sale, Century 21 data showed.
Between March 1 and Sunday, new home transaction already reached nearly 600,000 square meters in the city, compared to 403,000 square meters recorded in February, according to Lu, who predicted that sales might finally hit around 750,000 square meters by the end of this month.
Sales of new residential properties, excluding government-funded affordable housing, climbed 8.7 percent weekly to 174,600 meters over the seven days ended Sunday, Shanghai Deovolente Realty Co said. The average price, meanwhile, jumped 17.8 percent to 25,675 yuan (US$4,088) per square meter, extending gains for the fourth straight week.
"Two of the city's Top 3 best-selling projects cost more than 50,000 yuan a square meter and that helped push the weekly average price to the highest since February," said Lu Qilin, a researcher at Deovolente. "While buying sentiment kept rebounding over the past few weeks, it's still somewhat early to say a fully-fledged recovery has been on its way."
A total of 61 new homes with a price tag of over 50,000 yuan per square meter were sold last week, with a villa project in Sanlin, Pudong New Area, registering sales of 47 units alone, the best across the city, according to Deovolente data.
On the supply side, new homes totaling more than 280,000 square meters at 13 projects were released to the local market during the past seven-day period, a week-on-week surge of 140 percent.
"The weekly supply was the highest in about 14 weeks," said Huang Hetao, a research manager at major estate chain Century 21 China Real Estate. "And most developers are still adopting a strategy to release homes more frequently while at the same time offering a small number of units at one time in hope to trigger buying sentiment."
Only four projects coming out last week launched more than 30,000 square meters for sale, Century 21 data showed.
Between March 1 and Sunday, new home transaction already reached nearly 600,000 square meters in the city, compared to 403,000 square meters recorded in February, according to Lu, who predicted that sales might finally hit around 750,000 square meters by the end of this month.
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