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Shanghai's real estate posts gloomy picture
By Cherry Cao |
March 8, 2011, Tuesday
|
Print Edition
Print Edition
NEW home sales fell again in Shanghai last week while the average price also hit the lowest in more than six months.
The transaction volume of new homes, excluding those built under the city's affordable housing programs, shed 10 percent from a week earlier to 68,300 square meters between January 28 and February 6, Shanghai Uwin Real Estate Information Services Co said yesterday.
"The local market failed to extend its rebound for another week while sentiment among real estate developers also remained low," said Zhao Baogeng, a researcher at Uwin.
Only 61,000 square meters of new homes were released locally last week, a plunge of 64 percent from the previous seven days, according to Uwin data.
The average price shed 14 percent to 17,737 yuan (US$2,700) per square meter, the lowest weekly average Shanghai has seen since late July.
The sluggish sales of high-end houses dragged down the average price last week during which only 11 units of new homes costing more than 50,000 yuan per square meter were sold across the city, according to data released yesterday by Shanghai Deovolente Realty.
The transaction volume of new homes, excluding those built under the city's affordable housing programs, shed 10 percent from a week earlier to 68,300 square meters between January 28 and February 6, Shanghai Uwin Real Estate Information Services Co said yesterday.
"The local market failed to extend its rebound for another week while sentiment among real estate developers also remained low," said Zhao Baogeng, a researcher at Uwin.
Only 61,000 square meters of new homes were released locally last week, a plunge of 64 percent from the previous seven days, according to Uwin data.
The average price shed 14 percent to 17,737 yuan (US$2,700) per square meter, the lowest weekly average Shanghai has seen since late July.
The sluggish sales of high-end houses dragged down the average price last week during which only 11 units of new homes costing more than 50,000 yuan per square meter were sold across the city, according to data released yesterday by Shanghai Deovolente Realty.
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