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Weekly deals in new homes surge
By Cao Qian |
April 28, 2009, Tuesday
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Print Edition
Print Edition
THE weekly transaction volume of new houses in Shanghai soared to the highest since October 2007 amid an increasing supply.
A total of 512,100 square meters of new homes, excluding those built for relocation uses, were sold in the city between April 20 and 26, an increase of 28.8 percent from a week earlier, according to statistics released yesterday by E-House (China) Holdings Ltd.
"That's an 82-week high because real estate developers have been increasing their supply recently as the Labor Day holiday, one of the traditional peak periods for home purchases, is approaching,'' said E-House analyst Xue Jianxiong. "We expect that by the end of this month, more than 1.88 million square meters of new homes might be sold in the city, compared to the 1.56 million square meters transacted in March.''
The local supply of new homes rose 15.8 percent last week to 381,600 square meters while the average selling price of new houses also jumped 8.2 percent to 14,052 yuan (US$2,057) per square meter during the period, a 22-week high since November, E-House statistics showed.
"Notably, more than 1,000 units of new homes were sold on April 25 and that was really rare,'' said Lu Qilin, deputy head of research at Shanghai Uwin Real Estate Information Services Co Ltd. "That might be a sign of overheating again since the 1,000 barrier had only been exceeded four times since 2006.''
Analysts said the current strong sentiment may last for another month and home prices might continue to rise.
"As far as I know, quite a few real estate developers, encouraged by the sales boom over the past months, have already raised, or plan to raise prices again,'' Xue said. "Meanwhile, the local supply is likely to soar around the Labor Day holiday when a real estate fair will be held during the period.''
About 200 exhibitors are expected to take part in the four-day event, scheduled to start on Friday at the Shanghai Exhibition Center.
A total of 512,100 square meters of new homes, excluding those built for relocation uses, were sold in the city between April 20 and 26, an increase of 28.8 percent from a week earlier, according to statistics released yesterday by E-House (China) Holdings Ltd.
"That's an 82-week high because real estate developers have been increasing their supply recently as the Labor Day holiday, one of the traditional peak periods for home purchases, is approaching,'' said E-House analyst Xue Jianxiong. "We expect that by the end of this month, more than 1.88 million square meters of new homes might be sold in the city, compared to the 1.56 million square meters transacted in March.''
The local supply of new homes rose 15.8 percent last week to 381,600 square meters while the average selling price of new houses also jumped 8.2 percent to 14,052 yuan (US$2,057) per square meter during the period, a 22-week high since November, E-House statistics showed.
"Notably, more than 1,000 units of new homes were sold on April 25 and that was really rare,'' said Lu Qilin, deputy head of research at Shanghai Uwin Real Estate Information Services Co Ltd. "That might be a sign of overheating again since the 1,000 barrier had only been exceeded four times since 2006.''
Analysts said the current strong sentiment may last for another month and home prices might continue to rise.
"As far as I know, quite a few real estate developers, encouraged by the sales boom over the past months, have already raised, or plan to raise prices again,'' Xue said. "Meanwhile, the local supply is likely to soar around the Labor Day holiday when a real estate fair will be held during the period.''
About 200 exhibitors are expected to take part in the four-day event, scheduled to start on Friday at the Shanghai Exhibition Center.
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