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Sluggish luxury home sales plague city
By Cao Qian |
November 2, 2011, Wednesday
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SALES of luxury houses fell in the first ten months of this year in Shanghai with extremely sluggish transactions being registered in September and October, according to research released today by Century 21 China Real Estate.
Between January and October, a total of 1,231 units, or 299,800 square meters, of new residential properties with a price tag of more than 50,000 yuan (US$7,899) per square meter were sold across the city – a year-on-year decline of 22.6 percent and 18.5 percent, said Century 21 China Real Estate, which operates the largest number of outlets in the city at 300 branches.
In September and October, the traditional annual high season in a year for home sales in the country, only 195 units luxury homes were traded, a dive of nearly 65 percent from same period a year earlier.
However, the average price of luxury homes continued to rise 5.8 percent from same period a year earlier to 71,300 yuan per square meter during the 10-month period, Century 21 data showed.
"Luxury home sales have been declining for three consecutive months in Shanghai since August and in the top-tier market – involving new houses costing more than 100,000 yuan per square meter on average – sales almost grounded to a halt in September and October with only one deal being secured each month," said Huang Hetao, a research manager at Century 21 China Real Estate.
"As the central government's determination to rein in speculation remains firm, the overall public expectation for the housing market has somewhat changed, causing sluggish sentiment among affluent buyers," Huang added.
Between January and October, a total of 1,231 units, or 299,800 square meters, of new residential properties with a price tag of more than 50,000 yuan (US$7,899) per square meter were sold across the city – a year-on-year decline of 22.6 percent and 18.5 percent, said Century 21 China Real Estate, which operates the largest number of outlets in the city at 300 branches.
In September and October, the traditional annual high season in a year for home sales in the country, only 195 units luxury homes were traded, a dive of nearly 65 percent from same period a year earlier.
However, the average price of luxury homes continued to rise 5.8 percent from same period a year earlier to 71,300 yuan per square meter during the 10-month period, Century 21 data showed.
"Luxury home sales have been declining for three consecutive months in Shanghai since August and in the top-tier market – involving new houses costing more than 100,000 yuan per square meter on average – sales almost grounded to a halt in September and October with only one deal being secured each month," said Huang Hetao, a research manager at Century 21 China Real Estate.
"As the central government's determination to rein in speculation remains firm, the overall public expectation for the housing market has somewhat changed, causing sluggish sentiment among affluent buyers," Huang added.
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