New housing plays main role in second-hand property market
16/7/2003 14:31
New housing properties constructed after the year 1995 have played a
main role in the local second-hand real estate market, with the proportion
expected to increase to 70 percent of the total used-housing traded by the end
of 2008, the Labor Post reported today.
According to statistics, 1.62 million
square meters of used housing properties are traded in 1997, with the number
soaring to 17.9 million last year.
Trading of new housing properties
constructed over the past couple of years began to soar last year, while that of
old-style housing dropped to 40 percent of the total traded second-hand housing,
the statistics indicated.
Shanghai residents usually move to a new home once
every ten years on average, and compared with new housing, second-hand housing
has better geographical location with cheaper prices and complete auxiliary
facilities, said an industry analyst.
New housing built over the past
several years have generated strong interest from the local home buyers, as they
can make up for the defection of old housing, the analyst said.
According to
statistics, the second-hand housing index reached 1,137 points last month, up 12
points from a month before.
Market demand for second-hand housing is
expected to drop in the second half of the year due to the current slow
relocating pace, with prices predicted to be stable, an expert
predicted.
Wendy Zhang/ Shanghai Daily news
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