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Small apartments to boost market
20/9/2006 17:08

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 reported.
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 explained.