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Smaller Stock And Better Quality Lift Villa Prices
By Cherry Cao |
February 10, 2011, Thursday
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Print Edition
Print Edition
VILLA prices rose more than 30 percent in Shanghai last year as supply took a dip while the better quality of homes also boosted their value, according to a research released yesterday by real estate information service provider DTZ.
The average price for townhouses jumped 33.7 percent year on year to 22,600 yuan (US$3,434) per square meter while stand-alone villas were sold for an average 39,100 yuan per square meter, a 32.5 percent rise from 2009, DTZ statistics showed.
The research revealed an annual plunge of 30 percent to 1.07 million square meters in townhouse developments in the city last year. For stand-alone villas, the 12-month supply fell 21 percent to 757,500 square meters.
"A decreased supply and competition among real estate developers to boost home quality helped push up the average price of villas across the city over the past year," said Jenny Wu, director of residential sales for east China operations at DTZ. "For this year, the latest set of stringent measures by the central government will probably curb buying sentiment."
But Wu also said the local market will likely see the release of more luxurious villa developments.
The average price for townhouses jumped 33.7 percent year on year to 22,600 yuan (US$3,434) per square meter while stand-alone villas were sold for an average 39,100 yuan per square meter, a 32.5 percent rise from 2009, DTZ statistics showed.
The research revealed an annual plunge of 30 percent to 1.07 million square meters in townhouse developments in the city last year. For stand-alone villas, the 12-month supply fell 21 percent to 757,500 square meters.
"A decreased supply and competition among real estate developers to boost home quality helped push up the average price of villas across the city over the past year," said Jenny Wu, director of residential sales for east China operations at DTZ. "For this year, the latest set of stringent measures by the central government will probably curb buying sentiment."
But Wu also said the local market will likely see the release of more luxurious villa developments.
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