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Shanghai's new home sales soar
By Cao Qian |
January 5, 2010, Tuesday
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Print Edition
Print Edition
NEW home sales more than doubled in Shanghai last year, boosted by robust demand from end-users and investors.
Sales of new homes, excluding those meant for relocated residents under urban redevelopment plans, totaled 17.64 million square meters in 2009, a rise of 101 percent from 2008, Shanghai Uwin Real Estate Information Services Co said yesterday.
A total of 13.94 million square meters of new houses were launched in the city during 2009, an annual increase of 9.8 percent.
The average price of new homes jumped 16 percent year on year to 16,188 yuan (US$2,370) per square meter as a result of ample liquidity and an inadequate supply.
In December, new home sales fell 14 percent month on month to 1.44 million square meters while home prices rose 8 percent from November to an average 20,187 yuan per square meter. On an annual basis, the price soared 65 percent from December 2008, according to Uwin statistics.
"The significant rebound of new home sales in the first half of 2009 was caused by a release of pent-up demand from end-users, which was mainly triggered by developers cutting prices," said Lu Qilin, a researcher at Shanghai Uwin. "Increasing demand from investors at home and abroad, particularly for luxury homes, began to soar in the second half and that helped push up the average price notably."
Separately, Guangzhou-based Poly Real Estate replaced China Vanke as the top developer in the city by selling the most new homes by value at 10.9 billion yuan for the whole last year.
Sales of new homes, excluding those meant for relocated residents under urban redevelopment plans, totaled 17.64 million square meters in 2009, a rise of 101 percent from 2008, Shanghai Uwin Real Estate Information Services Co said yesterday.
A total of 13.94 million square meters of new houses were launched in the city during 2009, an annual increase of 9.8 percent.
The average price of new homes jumped 16 percent year on year to 16,188 yuan (US$2,370) per square meter as a result of ample liquidity and an inadequate supply.
In December, new home sales fell 14 percent month on month to 1.44 million square meters while home prices rose 8 percent from November to an average 20,187 yuan per square meter. On an annual basis, the price soared 65 percent from December 2008, according to Uwin statistics.
"The significant rebound of new home sales in the first half of 2009 was caused by a release of pent-up demand from end-users, which was mainly triggered by developers cutting prices," said Lu Qilin, a researcher at Shanghai Uwin. "Increasing demand from investors at home and abroad, particularly for luxury homes, began to soar in the second half and that helped push up the average price notably."
Separately, Guangzhou-based Poly Real Estate replaced China Vanke as the top developer in the city by selling the most new homes by value at 10.9 billion yuan for the whole last year.
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