New property prices stable, fewer supplies
9/2/2004 14:41
More than 80 percent of new housing properties in Shanghai have been
stable in prices since the end of last year, and many real estate developers
slowed their paces to offer new projects, according to several local real estate
consulting firms, the Shanghai Morning Post reported today.
According to a
survey to 40 property projects currently for sale in the city, located in
various districts and covering all the price range, 35 of them have no changes
in prices since the end of last year, with prices of only five projects
increasing by 100-500 yuan (US$12-US$60) per square meter.
There is an ample
supply of housing, so it is unnecessary for home buyers to wait in queues, just
as what they did before, said an industry analyst.
According to statistics,
the local housing prices reported 20 percent increase last year, growing up for
nearly every month.
A property project was sold at 8,000-plus yuan per
square meter in October last year when it hit the market, with the price
increasing to 8,800 yuan per square meter in November and more than 9,000 yuan
in early December last year. However after that, the prices haven't changed.
Compared with last year when a great number of new housing properties hit
the market, this year, fewer number of new housing projects are offered as many
real estate developers slowed paces to offer new properties, said the
analyst.
New government policies haven't been issued yet, so the impact on
local housing market is unclear, the analyst pointed out.
Real estate
developers are expecting to maintain the prices by controlling housing supplies,
while home buyers begin to hold a wait-and-see attitude, the analyst stressed.
Wendy Zhang/ Shanghai Daily news
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