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Smaller discounts crimp demand for new homes
By Cherry Cao |
July 31, 2012, Tuesday
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Print Edition
Print Edition
NEW home transactions remained flat in Shanghai last week as smaller discounts offered by real estate developers damped interest among buyers, data showed yesterday.
Purchases of new residential properties, excluding government-subsidized affordable housing, dipped 0.7 percent from a week earlier to 174,200 square meters during the seven days ended on Sunday, Shanghai Deovolente Realty Co said in a report.
"New home sales began to drop in the second half of this month with weekly volume hovering around 170,000 square meters for two straight weeks, down from the previous level of around 200,000 square meters," said Lu Qilin, a Deovolente researcher.
"The average price, however, stayed above 23,000 yuan (US$3,633) per square meter for the seventh consecutive week. This was mainly due to comparatively strong sales of high-end units."
Buyers paid an average 23,974 yuan per square meter for the new homes last week, up 2.4 percent on a weekly basis, Deovolente said.
Forty-eight residential units with a price tag of more than 50,000 yuan a square meter were sold during the seven-day period, 20 units more than the previous week. Four of the city's 10 best-selling projects cost more than 30,000 yuan a square meter.
Through Sunday, new home sales totaled 789,000 square meters across the city this month, a drop of 16 percent from the same period in June, according to a separate report released yesterday by Century 21 China Real Estate.
"July will probably see a volume of around 850,000 square meters, which would represent year-on-year growth of about 10 percent," said Huang Hetao, research manager at Century 21 China Real Estate.
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