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Surge in sales of homes
By Cao Qian |
January 8, 2010, Friday
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Print Edition
Print Edition
SALES of existing properties, by volume and value, more than doubled in Shanghai last year, with most deals sealed in Pudong New Area and the districts of Minhang and Putuo.
A total of 298,100 units of existing properties, mainly houses, were sold for about 320.7 billion yuan (US$46.9 billion) in the city last year, an increase of 140 percent and 189 percent from 2008, according to latest research by Century 21 China Real Estate, the city's second-largest property agency.
"Last year's record volume of transactions was first propelled by end-users from March, and increasing demand from investors as well as an inadequate supply and soaring land prices have helped push up prices rapidly since August," said Huang Hetao, a researcher at Century 21.
By districts, prices rose the most in Songjiang, Qingpu, Minhang, Pudong and Luwan - by more than 150 percent from a year earlier.
Some 59,500 units of existing properties in Pudong, 39,500 units in Minhang and 28,900 in Putuo were sold during the 12-month period as they were most sought after by buyers, Century 21 data showed.
Prices of existing properties rose to 14,700 yuan per square meter in December, a monthly rise of 2 percent and an annual surge of 41 percent. As a result, transaction volume fell 12 percent from November to 28,700 units, led by Pudong, Minhang and Chongming island - all losing by more than 20 percent from a month earlier.
A scheduled change of some preferential loan and tax policies helped curb buyer sentiment in December, according to analysts.
A total of 298,100 units of existing properties, mainly houses, were sold for about 320.7 billion yuan (US$46.9 billion) in the city last year, an increase of 140 percent and 189 percent from 2008, according to latest research by Century 21 China Real Estate, the city's second-largest property agency.
"Last year's record volume of transactions was first propelled by end-users from March, and increasing demand from investors as well as an inadequate supply and soaring land prices have helped push up prices rapidly since August," said Huang Hetao, a researcher at Century 21.
By districts, prices rose the most in Songjiang, Qingpu, Minhang, Pudong and Luwan - by more than 150 percent from a year earlier.
Some 59,500 units of existing properties in Pudong, 39,500 units in Minhang and 28,900 in Putuo were sold during the 12-month period as they were most sought after by buyers, Century 21 data showed.
Prices of existing properties rose to 14,700 yuan per square meter in December, a monthly rise of 2 percent and an annual surge of 41 percent. As a result, transaction volume fell 12 percent from November to 28,700 units, led by Pudong, Minhang and Chongming island - all losing by more than 20 percent from a month earlier.
A scheduled change of some preferential loan and tax policies helped curb buyer sentiment in December, according to analysts.
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