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Shanghai used property sales double in February
By Cherry Cao |
March 6, 2012, Tuesday
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PURCHASES of second-hand properties more than doubled in Shanghai in February from a month earlier amid recovering sentiment following the end of the Spring Festival holiday, the latest market data revealed.
Sales of used properties, the majority of which are residential developments, rose to some 10,000 units last month, Century 21 China Real Estate, operator of the city's largest estate chain by outlets, said in a report released today. That compared to about 4,200 deals recorded in January.
"It was mainly a seasonal rebound while a fully-fledged recovery is yet to arrive," said Huang Hetao, research manager at Century 21. "The recent rebound in buying sentiment has somewhat reinforced some owners' confidence in the market which would probably hinder a really solid growth in transaction volume."
Out of the 40 major residential developments monitored by Century 21, price rebounds – ranging from 5 to 11 percent – has recently been noticed at 4 projects, the first increase since November 2011. About 80 percent of those projects continue to see rather stable prices, with the majority of owners willing to offer discounts of less than 10 percent, according to the chain.
Shanghai Centaline Property Consultants Ltd, the city's largest by transaction value, said in a separate report released earlier this week that purchasing deals involving existing houses brokered by its agents soared by more than 400 percent in February from a month ago.
By price, those with a tag of between 1 and 2 million yuan (US$158,478 and US$316,957) accounted for 52 percent of total deals secured at Centaline, immediately followed by apartments costing less than 1 million yuan, which took a share of nearly 24 percent, Centaline data showed.
By district, Pudong New Area, Baoshan and Minhang districts saw the largest number of deals, jointly contributing to about 60 percent of Centaline's existing home business last month.
Sales of used properties, the majority of which are residential developments, rose to some 10,000 units last month, Century 21 China Real Estate, operator of the city's largest estate chain by outlets, said in a report released today. That compared to about 4,200 deals recorded in January.
"It was mainly a seasonal rebound while a fully-fledged recovery is yet to arrive," said Huang Hetao, research manager at Century 21. "The recent rebound in buying sentiment has somewhat reinforced some owners' confidence in the market which would probably hinder a really solid growth in transaction volume."
Out of the 40 major residential developments monitored by Century 21, price rebounds – ranging from 5 to 11 percent – has recently been noticed at 4 projects, the first increase since November 2011. About 80 percent of those projects continue to see rather stable prices, with the majority of owners willing to offer discounts of less than 10 percent, according to the chain.
Shanghai Centaline Property Consultants Ltd, the city's largest by transaction value, said in a separate report released earlier this week that purchasing deals involving existing houses brokered by its agents soared by more than 400 percent in February from a month ago.
By price, those with a tag of between 1 and 2 million yuan (US$158,478 and US$316,957) accounted for 52 percent of total deals secured at Centaline, immediately followed by apartments costing less than 1 million yuan, which took a share of nearly 24 percent, Centaline data showed.
By district, Pudong New Area, Baoshan and Minhang districts saw the largest number of deals, jointly contributing to about 60 percent of Centaline's existing home business last month.
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