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Under 200,000 square meters of new homes sold
By Cherry Cao |
September 25, 2012, Tuesday
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NEW home sales in Shanghai totaled below 200,000 square meters for the third straight week despite a sharp surge in supply, according to latest industry data.
The purchases of new homes, excluding government-subsidized affordable housing, totalled 196,800 square meters last week, up 20.1 percent from the previous seven-day period, Shanghai Deovolente Realty Co said yesterday.
The new homes were sold at an average of 21,331 yuan (US$3,364) per square meter, a weekly drop of 6.3 percent.
"Despite the notable weekly rebound in transactions, new home sales for the month to date still fell short of market expectations because September is usually a high season for property purchases," said Lu Qilin, a Deovolente researcher. "The surge in supply signaled real estate developers had high expectations for September but whether sales could rise or not still depended on how attractive discounts were to home buyers."
As of Sunday, some 578,000 square meters of new homes were sold in the city, an increase of 6.6 percent from the same period in August, Century 21 China Real Estate said yesterday in a separate report.
Meanwhile the supply of new homes locally totaled 460,300 square meters last week, the highest weekly supply registered so far this year, according to Deovolente data.
The purchases of new homes, excluding government-subsidized affordable housing, totalled 196,800 square meters last week, up 20.1 percent from the previous seven-day period, Shanghai Deovolente Realty Co said yesterday.
The new homes were sold at an average of 21,331 yuan (US$3,364) per square meter, a weekly drop of 6.3 percent.
"Despite the notable weekly rebound in transactions, new home sales for the month to date still fell short of market expectations because September is usually a high season for property purchases," said Lu Qilin, a Deovolente researcher. "The surge in supply signaled real estate developers had high expectations for September but whether sales could rise or not still depended on how attractive discounts were to home buyers."
As of Sunday, some 578,000 square meters of new homes were sold in the city, an increase of 6.6 percent from the same period in August, Century 21 China Real Estate said yesterday in a separate report.
Meanwhile the supply of new homes locally totaled 460,300 square meters last week, the highest weekly supply registered so far this year, according to Deovolente data.
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