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Mixed outlook on cost of homes (3)

(China Daily)

08:22, August 28, 2012

It is quite difficult for high-end properties to sell like hot cakes, she added.

In the past high-end apartment developers were reluctant to offer discounts. Doing so was regarded as a betrayal of the high-class image they are supposed to convey but, under the pressure of policy controls, several developers have started doing so to get more sales, said Wu.

According to Anjuke.com, an online property trading platform, the average price of Shimao Sheshan villas dropped to 42,722 yuan a square meter in July, a 23.86 percent month-on-month decrease.

Zhang Yulin, an analyst with Xinyuan Property Agency, said Shanghai's realty market is driving to two extremes. In downtown areas within the second ring road potential buyers focus on luxury homes while strong demand is found in suburban areas and in the outskirts of Shanghai.

Two factors have led to the current situation in the market for luxury homes, said Zhang.

First, the macroeconomic situation in the past two quarters did not encourage people who could afford a luxury home priced at more than 10 million yuan to buy one because many rich people were tightening their belts during the economic downturn, said Zhang.


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