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Shanghai property prices fall 10% in 2008's second half
By Cao Qian |
January 1, 2009, Thursday
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Print Edition
Print Edition
THE average unit price of Shanghai's new residential properties, excluding those built for relocated residents, fell more than 10 percent in the second half of last year as compared to the previous six months, according to the latest industry report.
The average price of new homes dropped to 1.51 million yuan (US$220,175) a unit across the city, compared with 1.68 million yuan in the January-June period, according to statistics released by E-House (China) Holdings Ltd yesterday.
"The local housing market has suffered extremely low transaction volume during the second half of 2008, plagued by growing concerns over the economic slowdown both at home and abroad," said Xue Jianxiong, an analyst with E-House, the country's largest integrated real estate service provider.
About 33,000 units of new homes have been sold during the second half, a decline of 25 percent from the first half's 44,000 units, E-House said.
Prices of new homes within the Inner Ring Road as well as those between the Inner and Middle Ring Road tumbled the most, mainly due to price drops in some high-end properties coupled with slack sales.
The average price for houses within the Inner Ring Road dropped to 3.49 million yuan a unit while those between the Inner and Middle Ring Road fell to 2.33 million yuan, down 19.68 percent and 19.83 percent respectively from the first half of last year.
The prices of houses between the Middle and Outer Ring Road as well as those beyond the Outer Ring Road, saw little changed, with many new higher-quality developments helping stabilize prices.
The city's housing market has witnessed some recovery over the past November and December, mainly helped by a series of boosting policies from central and local governments.
The transaction volume of second-hand homes jumped 28 percent in Shanghai last month, with the average sale price dipping 2.6 percent to 13,844 yuan per square meter from November, according to Shanghai Centaline Property Consultants Ltd, operator of the city's largest real estate brokerage chain.
Used apartments costing 800,000 yuan or less sold best, accounting for 32 percent of total deals, followed by those between 1 million and 1.5 million yuan, and between 1.5 million yuan and 2.2 million yuan, with 22 percent and 17 percent of buyers.
The average price of new homes dropped to 1.51 million yuan (US$220,175) a unit across the city, compared with 1.68 million yuan in the January-June period, according to statistics released by E-House (China) Holdings Ltd yesterday.
"The local housing market has suffered extremely low transaction volume during the second half of 2008, plagued by growing concerns over the economic slowdown both at home and abroad," said Xue Jianxiong, an analyst with E-House, the country's largest integrated real estate service provider.
About 33,000 units of new homes have been sold during the second half, a decline of 25 percent from the first half's 44,000 units, E-House said.
Prices of new homes within the Inner Ring Road as well as those between the Inner and Middle Ring Road tumbled the most, mainly due to price drops in some high-end properties coupled with slack sales.
The average price for houses within the Inner Ring Road dropped to 3.49 million yuan a unit while those between the Inner and Middle Ring Road fell to 2.33 million yuan, down 19.68 percent and 19.83 percent respectively from the first half of last year.
The prices of houses between the Middle and Outer Ring Road as well as those beyond the Outer Ring Road, saw little changed, with many new higher-quality developments helping stabilize prices.
The city's housing market has witnessed some recovery over the past November and December, mainly helped by a series of boosting policies from central and local governments.
The transaction volume of second-hand homes jumped 28 percent in Shanghai last month, with the average sale price dipping 2.6 percent to 13,844 yuan per square meter from November, according to Shanghai Centaline Property Consultants Ltd, operator of the city's largest real estate brokerage chain.
Used apartments costing 800,000 yuan or less sold best, accounting for 32 percent of total deals, followed by those between 1 million and 1.5 million yuan, and between 1.5 million yuan and 2.2 million yuan, with 22 percent and 17 percent of buyers.
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