Contributed by: Liu Hua Bin
Translated by: Gong Meng Xin

In early 2009, the dealing price of Shanghai real property has remarkable fallout and the transaction volume of new apartments has declined drastically.    ( → Chinese version)

According to the statistics issued by Shoufang Net, 10,595 units of residential properties have been sold with a total area of 973,000 square meters. The transaction volume fell 41.3 percent over the previous month, down 50 percent compared with that of 2008.

The average transaction price of commercial residential building reached 14,000 yuan in January, up 16.8 percent over the last month. Most consumers favor houses located between middle and outer ring road. Among the top 10 hot-selling list, the average turnover of four apartments surpassed 10,000 yuan. Moreover, Yanlord Riverside City ranks first in the list, with an average transaction price of 43,000 yuan, which propelled the transaction volume in January.

Despite of the favorable policies issued by Central Bank, such as interest rates cut, many buyers still hesitate to spend money. What’s more, influenced by the holidays of New Year and Chinese Lunar New Year, the developers slowed down promoting new apartments as well, and the account of new houses dropped greatly compared with that of the corresponding period last year.

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