Local property market still booming
7/5/2003 14:25
Shanghai's real estate market is still brisk despite the SARS outbreak,
with the number of pre-sold housing units from May 1 to 5 accounting for 70 or
80 percent of the same period last year, eastday.com reported today.
All
the large-size property exhibitions were canceled during the Labor Day holiday
and many property developers delayed their sales schedules.
However, many
new housing projects were still put up for sale on schedule, with 600 housing
units of a property project developed by Mission Hills Properties on Shaanxi
Road sold out in one day.
The local real estate market is expected to
regain strength in July or August if SARS is under control, said an industry
analyst.
Most property developers are optimistic about the local real
estate market in the near future.
Up to 134,000 square meters of local
Grade A office space were occupied in the first quarter of the year, with the
average vacancy rate declining below 10 percent for the first time over the past
several years, according to the DTZ Debenham Tie Leung.
Rentals of local
office space in the first quarter of the year increased by seven percent from a
year before, according to the statistics.
Wendy Zhang/ Shanghai Daily news
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