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Shanghai luxury property market to recover in H2, analysts say
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SHANGHAI'S luxury housing market is expected to register improved performance in the second half of this year as gradually improved outlooks toward the industry coupled with an increase in supply may help boost sales.
"Real estate developers, both long-established premium home builders and new entrants to the luxury segment, have been actively marketing their new projects over the past few weeks, indicating ever-recovering confidence among major players," said Sky Xue, an analyst with China Real Estate Information Corp, a leading property services provider in the country.
"The recent relaxation of home purchase restrictions in a growing number of Chinese cities, though not yet introduced in first-tier cities like Shanghai and Beijing, should somewhat leave a positive impact on the country's overall housing market while a rise in supply over the rest five months of this year would also trigger buyers' momentum."
China Vanke Co, the country's largest residential developer, unveiled its premium luxury Emerald Riverside apartment project near Lujiazui, Pudong New Area, over the weekend, in one of the company's latest attempts to tap the more profitable high-end segment.
Weeks ago, Sun Hung Kai Properties, a Hong Kong developer most renowned for its expertise in developing premium homes, announced it would launch Shanghai Cullinan, an ultra-luxury, 64-unit residential development near downtown Huaihai Road in the coming few months.
In fact, while the city's overall housing market recorded an over 40-percent plunge in sales in the first six months of this year, the high-end segment did register a better performance.
The purchases of new homes costing no more than 20,000 yuan (US$3,226) per square meter dropped 49 percent in volume between January and June compared to the second half of 2013 while those with a price tag of over 60,000 yuan a square meter fell 31 percent during the same period, according to data released by international property advisor DTZ.
A separate research by Centaline Property showed that new homes costing more than 100,000 yuan per square meter climbed to 0.66 percent of overall new housing sales in Shanghai in July. Between January and June, it once hit a low of 0.23 percent.
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