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Weekly new home sales rise
By Cao Qian |
December 6, 2011, Tuesday
|
Print Edition
Print Edition
NEW home sales in Shanghai surged to a three-month high last week as price cuts by real estate developers helped boost buying sentiment.
The sales of new homes, excluding government-funded affordable housing, jumped 63.2 percent from a week earlier to 159,200 square meters, the highest in 13 weeks, said a report released yesterday by Shanghai Deovolente Realty Co.
"The increased volume indicated again that discounts are the only and most effective way to trigger sales under the current market environment," said Lu Qilin, a researcher with Deovolente. "But the market is still far from a major recovery despite the latest rebound as the central government remains determined to cool the overheated market."
A residential development in outlying Jiading District became the city's most sought-after project last week after selling 252 units at an average price of 12,949 yuan (US$2,042) per square meter, a discount of 10 percent from its previous price, according to Shanghai Uwin Real Estate Information Services Co.
The Ministry of Housing and Urban-Rural Development emphasized last weekend the need to maintain property measures as it ordered local governments to extend curbs, some of which will expire soon.
New homes were sold for an average 19,459 yuan per square meter in the city, a weekly drop of 11.2 percent, Deovolente data showed.
"Nearly 90 percent of new houses sold last week are located beyond the city's Outer Ring Road and the transaction volume of homes costing more than 40,000 yuan a square meter fell during the same period, which could help explain the price decrease," said Huang Zhijian, chief analyst at Uwin.
According to Uwin data, the selling prices of the city's top nine best-selling residential projects last week by transaction volume were under 20,000 yuan per square meter, with one located in Baoshan District selling for less than 10,000 yuan per square meter.
The sales of new homes, excluding government-funded affordable housing, jumped 63.2 percent from a week earlier to 159,200 square meters, the highest in 13 weeks, said a report released yesterday by Shanghai Deovolente Realty Co.
"The increased volume indicated again that discounts are the only and most effective way to trigger sales under the current market environment," said Lu Qilin, a researcher with Deovolente. "But the market is still far from a major recovery despite the latest rebound as the central government remains determined to cool the overheated market."
A residential development in outlying Jiading District became the city's most sought-after project last week after selling 252 units at an average price of 12,949 yuan (US$2,042) per square meter, a discount of 10 percent from its previous price, according to Shanghai Uwin Real Estate Information Services Co.
The Ministry of Housing and Urban-Rural Development emphasized last weekend the need to maintain property measures as it ordered local governments to extend curbs, some of which will expire soon.
New homes were sold for an average 19,459 yuan per square meter in the city, a weekly drop of 11.2 percent, Deovolente data showed.
"Nearly 90 percent of new houses sold last week are located beyond the city's Outer Ring Road and the transaction volume of homes costing more than 40,000 yuan a square meter fell during the same period, which could help explain the price decrease," said Huang Zhijian, chief analyst at Uwin.
According to Uwin data, the selling prices of the city's top nine best-selling residential projects last week by transaction volume were under 20,000 yuan per square meter, with one located in Baoshan District selling for less than 10,000 yuan per square meter.
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