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Smaller homes remain the most popular

SMALL and medium-sized apartments continued to dominate the city's pre-occupied housing market in the first half of this year while nearly two-thirds of the existing homes sold during the period cost less than 3 million yuan (US$443,013), a leading realty chain said today.

Nearly 73 percent of pre-used houses that changed hands in Shanghai between January and June were no larger than 90 square meters and residential properties with a price tag of below 3 million yuan accounted for almost 65 percent of the total transaction, according to a latest research released by Shanghai Homelink Real Estate Agency Co.

"Sales of pre-occupied houses plunged 55 percent in the first six months with those in outlying districts gaining further popularity among buyers, evidence for subdued demand from speculators," said Zhao Baogen,a researcher at Homelink. "As tightening measures remain strictly enforced, the city's existing home market will continue to cool with more owners willing to offer larger discounts than the current cut of 2 to 3 percent prevalent in the market."

Sales of pre-used homes smaller than 50 square meters and those between 50 and 70 square meters both increased in the first half of this year, by 3.94 percentage points and 2.69 percentage points, respectively, from same time a year ago, Homelink data showed.  

By proximity to city center, sales of existing houses in remote Jinshan and Fengxian districts climbed the most among their counterparts. Transaction of pre-occupied houses in Jinshan accounted for 5.27 percent of the city's total in the first half, up from 3.89 percent in the first six months of 2016. Sales of pre-used homes in Fengxian rose from 4.02 percent to 4.79 percent during the same period.


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