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New housing sales continue to decrease in the largest city of China
New housing sales continue to decrease in the largest city of China
June 20, 2010For six weeks in a row, the indicator remains below the level of 100 thousand sq. m. In addition, average prices in Shanghai have also plunged.
Over June 7-13, new housing sales in the city have declined by 12%, compared to the preceding week, down to 84 thousand sq. m., Shanghai Daily magazine writes, citing data provided by the Shanghai Uwin Real Estate Information Services Co.
During the specified period, average cost of new residential properties has climbed down by 6%, to $2.837 per a sq. m. The volume of new supply on the market has soared by 25%.
We would like to remind you that May sales of new housing have plummeted by almost 70%, compared to April. Developers’ activity has also decreased.
During the first five months of 2010, Shanghai new housing sales have seen a 32.5% decline (down to 7.19 million sq. m.), according to the official website of the Shanghai Statistical Office.
Analysts connect the decline in sales and average prices registered over the past two months, with measures implemented in 2010 by Chinese authorities in order to cool down the overheated property market. These measures include increase of down-payment for mortgages provided for the purchase of a second home from 40% to 50%, as well as a ban on issuance of mortgages to buyers who already own two or more properties.
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