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Sharp decline in average price and buying of new homes in city
By Cherry Cao |
September 11, 2012, Tuesday
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THE average price of new homes in Shanghai fell to the lowest in 18 weeks while purchases also dropped notably, according to a latest market research.
The new homes, excluding government-subsidized affordable housing, were sold at an average 20,808 yuan (US$3,284) per square meter last week, down 2.4 percent from the previous seven-day period, Shanghai Deovolente Realty Co said yesterday.
The sales of new homes, meanwhile, plunged 22.1 percent from a week earlier to 166,400 square meters.
"Mid-range and low-end properties accounted for the majority of purchases last week and dragged down the average price to the lowest in about four months," said Lu Qilin, a Deovolente researcher. "Buying sentiment also seemed very sluggish with only three projects selling more than 25 units during the whole week."
Only 17 houses, each costing 50,000 yuan per square meter and above, were sold across the city last week, down by 20 from the previous week. The sales of new homes costing over 10 million yuan each dived nearly 40 percent weekly to 28 units, according to a separate report released yesterday by Century 21 China Real Estate.
Meanwhile about 215,100 square meters of new homes at five apartment developments were released to the local market, a weekly decline of 10.4 percent.
The new homes, excluding government-subsidized affordable housing, were sold at an average 20,808 yuan (US$3,284) per square meter last week, down 2.4 percent from the previous seven-day period, Shanghai Deovolente Realty Co said yesterday.
The sales of new homes, meanwhile, plunged 22.1 percent from a week earlier to 166,400 square meters.
"Mid-range and low-end properties accounted for the majority of purchases last week and dragged down the average price to the lowest in about four months," said Lu Qilin, a Deovolente researcher. "Buying sentiment also seemed very sluggish with only three projects selling more than 25 units during the whole week."
Only 17 houses, each costing 50,000 yuan per square meter and above, were sold across the city last week, down by 20 from the previous week. The sales of new homes costing over 10 million yuan each dived nearly 40 percent weekly to 28 units, according to a separate report released yesterday by Century 21 China Real Estate.
Meanwhile about 215,100 square meters of new homes at five apartment developments were released to the local market, a weekly decline of 10.4 percent.
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