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Weak buying but average prices stay up
By Cao Qian |
November 10, 2010, Wednesday
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BUYING sentiment for existing properties turned sluggish in Shanghai in October but average prices were still close to a record high, according to a latest research conducted by Century 21 China Real Estate, operator of the city's second-largest estate chain.
A total of 13,400 units of existing properties, mainly houses, were sold across the city last month, a drop of 23.4 percent from September. On an annual basis it plunged 41 percent.
It was the first monthly decline since July, Century 21 analysts said, which was a natural result from the government's latest tightening policies.
"While slack momentum was detected in every part of the city, Qingpu and Jing'an suffered the biggest setback with transaction volumes in the two districts plunging more than 40 percent from a month earlier," said Huang Hetao, a research manager with Century 21. "By sector, high-end houses seemed to be more affected."
Century 21 research has found that buying sentiment for homes costing more than 10 million yuan (US$1.5 million) dropped the most in October, and transaction volume plunged 45.7 percent from a month earlier.
That was immediately followed by homes costing between 5 million and 10 million yuan, which fell by nearly 28 percent monthly during the same period, the agency said.
The average price of existing properties, however, still stood at a high of 17,000 yuan per square meter, a monthly rise of 2.3 percent. The record was set in the city August when existing properties were sold for an average 17,200 yuan per square meter.
China has launched two rounds of tightening policies since mid April in its most resolute effort to battle against property speculation which has been largely blamed for skyrocketing home prices across the country. The policies have cooled buyer sentiment but they have yet to really help cut home prices, analysts said.
A total of 13,400 units of existing properties, mainly houses, were sold across the city last month, a drop of 23.4 percent from September. On an annual basis it plunged 41 percent.
It was the first monthly decline since July, Century 21 analysts said, which was a natural result from the government's latest tightening policies.
"While slack momentum was detected in every part of the city, Qingpu and Jing'an suffered the biggest setback with transaction volumes in the two districts plunging more than 40 percent from a month earlier," said Huang Hetao, a research manager with Century 21. "By sector, high-end houses seemed to be more affected."
Century 21 research has found that buying sentiment for homes costing more than 10 million yuan (US$1.5 million) dropped the most in October, and transaction volume plunged 45.7 percent from a month earlier.
That was immediately followed by homes costing between 5 million and 10 million yuan, which fell by nearly 28 percent monthly during the same period, the agency said.
The average price of existing properties, however, still stood at a high of 17,000 yuan per square meter, a monthly rise of 2.3 percent. The record was set in the city August when existing properties were sold for an average 17,200 yuan per square meter.
China has launched two rounds of tightening policies since mid April in its most resolute effort to battle against property speculation which has been largely blamed for skyrocketing home prices across the country. The policies have cooled buyer sentiment but they have yet to really help cut home prices, analysts said.
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