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Shanghai new home purchases sag
By Cherry Cao |
January 21, 2013, Monday
|
Online Edition
Online Edition
HOME buying sentiment waned in Shanghai last week while the average price soared to a nine-week high amid comparatively strong sales of mid to high-end properties.
Purchases of new homes, excluding government-funded affordable housing, dropped 21.6 percent week on week to 207,100 square meters during the seven-day period ended on Sunday.
The average price, meanwhile, rose 14 percent to 23,579 yuan (US$3,742) per square meter, Shanghai Deovolente Realty Co said today in a report.
"With more high-end developments being released to the local market, we may see a continuously rising average price over the coming weeks," said Lu Qilin, a Deovolente researcher. "For instance, the majority of new supply launched last week cost more than 40,000 yuan per square meter."
Five residential projects totaling 122,000 square meters, which included a Shui On apartment development on North Sichuan Road, were released across the city last week, a drop of 23 percent from a week earlier, Deovolente data showed.
New home supply in Shanghai averaged about 100,000 square meters per week so far in January, a notable decline from December, when some 260,000 square meters of new houses were released per week on average, according to Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlets.
Purchases of new homes, excluding government-funded affordable housing, dropped 21.6 percent week on week to 207,100 square meters during the seven-day period ended on Sunday.
The average price, meanwhile, rose 14 percent to 23,579 yuan (US$3,742) per square meter, Shanghai Deovolente Realty Co said today in a report.
"With more high-end developments being released to the local market, we may see a continuously rising average price over the coming weeks," said Lu Qilin, a Deovolente researcher. "For instance, the majority of new supply launched last week cost more than 40,000 yuan per square meter."
Five residential projects totaling 122,000 square meters, which included a Shui On apartment development on North Sichuan Road, were released across the city last week, a drop of 23 percent from a week earlier, Deovolente data showed.
New home supply in Shanghai averaged about 100,000 square meters per week so far in January, a notable decline from December, when some 260,000 square meters of new houses were released per week on average, according to Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlets.
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