Wendy Zhang/ Shanghai Daily news
Real estate developers are driving up their supplies, especially for small
apartments to boost the sluggish property market, today's Youth Post
September is usually a golden month for property sales, but in the
first half of this month, neither the new nor pre-owned housing markets saw
signs of recovery. Second-hand property sales slumped by more than 50 percent in
the first two weeks of this month from the latter half of last month, according
to local property agencies.
Recent prospective property buyers, mainly those
relocated for urban construction, have limited budgets so they want to spend
more time searching for an apartment with a lower price and of higher quality,
which caused the short-term sales decline, said an industry analyst.
However, property developers are optimistic and are accelerating the housing
supply. The city's new property supply last week increased by 45.6 percent from
a week earlier, the largest supply since mid June, with small apartments
covering the majority of the supply.
More prospective property buyers are
looking to purchase small apartments for residential purposes, the analyst