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Villa prices fall to 6-month low
By Cherry Cao |
March 2, 2012, Friday
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THE average cost of new villas fell to the lowest level in Shanghai in six months amid overwhelmingly strong sales in the lower-end of the market, industry research has found.
Villa developments, including stand-alone homes and townhouses, were sold at an average of 26,154 yuan (US$4,151) per square meter in February, a decrease of nearly 23 percent from January and the lowest since September 2011, according to a report released today by Soufun.com, operator of the country's largest real estate website.
Sales of villas, meanwhile, rose 56.6 percent from January to 35,474 square meters. In terms of units, a total of 148 villas were sold – a month-on-month increase of 64.4 percent.
"Robust purchases involving homes with comparatively low prices dragged down the average cost of villas in February," said Liao Hongyan, an analyst at Soufun.
"Tightening measures, which have been strictly enforced in the city for more than a year, did help squeeze out speculative demand and the majority of villa buyers at the moment are end-users who prefer value-for- money houses," Liao said.
Among the city's 10 best-selling villa projects last month, eight cost an average price of less than 25,000 yuan per square meter, Soufun data showed.
Villa developments, including stand-alone homes and townhouses, were sold at an average of 26,154 yuan (US$4,151) per square meter in February, a decrease of nearly 23 percent from January and the lowest since September 2011, according to a report released today by Soufun.com, operator of the country's largest real estate website.
Sales of villas, meanwhile, rose 56.6 percent from January to 35,474 square meters. In terms of units, a total of 148 villas were sold – a month-on-month increase of 64.4 percent.
"Robust purchases involving homes with comparatively low prices dragged down the average cost of villas in February," said Liao Hongyan, an analyst at Soufun.
"Tightening measures, which have been strictly enforced in the city for more than a year, did help squeeze out speculative demand and the majority of villa buyers at the moment are end-users who prefer value-for- money houses," Liao said.
Among the city's 10 best-selling villa projects last month, eight cost an average price of less than 25,000 yuan per square meter, Soufun data showed.
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