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Wait-and-see mood drags home sales
By Cao Qian |
August 2, 2010, Monday
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NEW home sales remained sluggish in Shanghai for the third straight month as a result of government rein-in policies.
Sales of new homes, excluding those designated for families dislodged by urban redevelopment projects, climbed 2.4 percent to 430,000 square meters in July, Shanghai Uwin Real Estate Information Services Co said today. That compares with 1.86 million square meters sold in July last year.
Average housing price, meanwhile, edged up 0.8 percent to 19,313 yuan (US$2,848) per square meter, according to Uwin statistics.
"Buying momentum is yet to rebound since most real estate developers still feel reluctant to offer notable discounts though housing sales in the city has been slack over the past three months,'' said Lu Qilin, a Uwin researher. "The 'wait-and-see' attitude continues to prevail among buyers as home prices remain high in the city while many developers still pin their hopes on a loosened government stance on the country's housing market."
On the supply side, a total of 510,000 square meters of new houses were introduced to the local market last month, remaining unchanged from June.
Sales of new homes, excluding those designated for families dislodged by urban redevelopment projects, climbed 2.4 percent to 430,000 square meters in July, Shanghai Uwin Real Estate Information Services Co said today. That compares with 1.86 million square meters sold in July last year.
Average housing price, meanwhile, edged up 0.8 percent to 19,313 yuan (US$2,848) per square meter, according to Uwin statistics.
"Buying momentum is yet to rebound since most real estate developers still feel reluctant to offer notable discounts though housing sales in the city has been slack over the past three months,'' said Lu Qilin, a Uwin researher. "The 'wait-and-see' attitude continues to prevail among buyers as home prices remain high in the city while many developers still pin their hopes on a loosened government stance on the country's housing market."
On the supply side, a total of 510,000 square meters of new houses were introduced to the local market last month, remaining unchanged from June.
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