Priced out of new home market, buyers turn their attention to existing housing
June 30, 2012, Saturday
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Print Edition
Print Edition
SALES in the existing housing market in Minhang have been flourishing as prices for new homes remain beyond the reach of many homebuyers.
The Minhang Real Estate Trade Center said 3,689 existing homes were sold in the first quarter of the year, up 50 percent from the prior quarter.
The average price was about 14,950 yuan (US$2,352) per square meter, a rise of nearly 5 percent.
By contrast, only 210 new homes were sold in the district in the first five months of the year, less than half a year earlier, the Minhang District Housing Management Bureau said.
Trade center officials said they expect sales of existing homes to slacken off once prices in the primary market ease - as they are now beginning to do.
Among existing developments in the district, Shanghai Cannes enjoyed the best trading volume. A total of 127 apartments were sold there at an average price of 11,930 yuan per square meter.
The Yingdu New Residential Complex and Pujiang Lidu were also popular among buyers.
Center officials said all three complexes have well-developed support facilities and stable prices.
"My family prefers an existing, fully developed residential complex to one that is newly built," said Jess Wang, a Minhang resident who is home-hunting. "Convenience in life remains the most important factor in choosing an apartment."
More pricey residential areas in Minhang have suffered slumps in sales.
Meilong suffered a 107 percent drop in sales; Qibao, an 89 percent decline.
Some newer development areas fared better. Sales in Pujiang edged up 3 percent, while Jiangchuan reported a 27 percent rise, the center said.
Smaller homes have also proven to be popular among buyers trying to trim purchase costs. Half of the homes sold in the first quarter were 90 square meters or less.
The Minhang District Housing Management Bureau is urging developers of new projects to help stimulate the market by offering bigger discounts.
The Minhang Real Estate Trade Center said 3,689 existing homes were sold in the first quarter of the year, up 50 percent from the prior quarter.
The average price was about 14,950 yuan (US$2,352) per square meter, a rise of nearly 5 percent.
By contrast, only 210 new homes were sold in the district in the first five months of the year, less than half a year earlier, the Minhang District Housing Management Bureau said.
Trade center officials said they expect sales of existing homes to slacken off once prices in the primary market ease - as they are now beginning to do.
Among existing developments in the district, Shanghai Cannes enjoyed the best trading volume. A total of 127 apartments were sold there at an average price of 11,930 yuan per square meter.
The Yingdu New Residential Complex and Pujiang Lidu were also popular among buyers.
Center officials said all three complexes have well-developed support facilities and stable prices.
"My family prefers an existing, fully developed residential complex to one that is newly built," said Jess Wang, a Minhang resident who is home-hunting. "Convenience in life remains the most important factor in choosing an apartment."
More pricey residential areas in Minhang have suffered slumps in sales.
Meilong suffered a 107 percent drop in sales; Qibao, an 89 percent decline.
Some newer development areas fared better. Sales in Pujiang edged up 3 percent, while Jiangchuan reported a 27 percent rise, the center said.
Smaller homes have also proven to be popular among buyers trying to trim purchase costs. Half of the homes sold in the first quarter were 90 square meters or less.
The Minhang District Housing Management Bureau is urging developers of new projects to help stimulate the market by offering bigger discounts.
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