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Supply of new homes may rise
By Cao Qian |
April 21, 2011, Thursday
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Print Edition
Print Edition
NEW home supply in Shanghai may increase in May as developers look set to release a bigger number of larger and mid- to high-end properties.
A total of 52 residential developments - 31 apartment projects, 19 villa developments and two mixed ones - may be released in the local market in May, up 58 percent from this month and an annual growth of 11 percent, according to research released yesterday by real estate website Soufun.com.
Only 33 percent of the new developments to be released in the city next month will cost less than 20,000 yuan (US$3,062.69) per square meter, compared to about 70 percent registered this month. Meanwhile, homes larger than 180 square meters will account for 28 percent of the total supply, the largest among all categories and up 7 percentage points from this month, Soufun data showed.
"The increase in supply of larger and costlier homes will not necessarily lead to strong sales of those homes mainly due to the home purchase restriction which is expected to remain for some time," said Wen Xi, a Soufun analyst.
"It is possible that improved sales of high-end homes amid an increased supply may help push up the city's average price a bit, while the overall buying sentiment in the city's housing market will probably remain sluggish," Wen said.
Of the 52 projects to be released next month, 79 percent will be located beyond the city's Outer Ring Road, followed by 11 percent sited between the Middle and Outer Ring roads and 10 percent within the Middle Ring Road.
A total of 52 residential developments - 31 apartment projects, 19 villa developments and two mixed ones - may be released in the local market in May, up 58 percent from this month and an annual growth of 11 percent, according to research released yesterday by real estate website Soufun.com.
Only 33 percent of the new developments to be released in the city next month will cost less than 20,000 yuan (US$3,062.69) per square meter, compared to about 70 percent registered this month. Meanwhile, homes larger than 180 square meters will account for 28 percent of the total supply, the largest among all categories and up 7 percentage points from this month, Soufun data showed.
"The increase in supply of larger and costlier homes will not necessarily lead to strong sales of those homes mainly due to the home purchase restriction which is expected to remain for some time," said Wen Xi, a Soufun analyst.
"It is possible that improved sales of high-end homes amid an increased supply may help push up the city's average price a bit, while the overall buying sentiment in the city's housing market will probably remain sluggish," Wen said.
Of the 52 projects to be released next month, 79 percent will be located beyond the city's Outer Ring Road, followed by 11 percent sited between the Middle and Outer Ring roads and 10 percent within the Middle Ring Road.
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