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Surge seen in supply of new homes at weekend
By Cherry Cao |
May 18, 2012, Friday
|
Print Edition
Print Edition
THE supply of new homes in Shanghai may surge at the weekend after home sales rose recently and helped boost confidence among real estate developers.
Nearly 800 units at six apartment projects, half of them located beyond the city's Outer Ring Road, will be released across the city at the weekend, up from 450 units launched at the previous weekend, according to research released yesterday by Soufun.com.
The new units will be sold at an average 26,000 yuan (US$4,114) per square meter, a weekly jump of 70 percent, the data showed.
"Sales of residential properties from low- to mid-class apartments to upscale and luxury ones rose notably in Shanghai last week, and that might be the impetus for developers," said Tang Zhengwei, a Soufun analyst.
"The upcoming release of two upscale projects in Minhang District, priced at 38,000 yuan and 42,000 yuan per square meter respectively, has helped push up the average price," Tang added.
The purchases of new homes, excluding government-funded affordable housing, jumped 31 percent from a week earlier to 200,800 square meters in the seven-day period ended on Sunday, the highest weekly deals registered in Shanghai since April, said an earlier report released by Shanghai Deovolente Realty Co.
Nearly 800 units at six apartment projects, half of them located beyond the city's Outer Ring Road, will be released across the city at the weekend, up from 450 units launched at the previous weekend, according to research released yesterday by Soufun.com.
The new units will be sold at an average 26,000 yuan (US$4,114) per square meter, a weekly jump of 70 percent, the data showed.
"Sales of residential properties from low- to mid-class apartments to upscale and luxury ones rose notably in Shanghai last week, and that might be the impetus for developers," said Tang Zhengwei, a Soufun analyst.
"The upcoming release of two upscale projects in Minhang District, priced at 38,000 yuan and 42,000 yuan per square meter respectively, has helped push up the average price," Tang added.
The purchases of new homes, excluding government-funded affordable housing, jumped 31 percent from a week earlier to 200,800 square meters in the seven-day period ended on Sunday, the highest weekly deals registered in Shanghai since April, said an earlier report released by Shanghai Deovolente Realty Co.
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