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Mixed outlook on cost of homes (4)

(China Daily)

08:22, August 28, 2012

Another reason is that supply is higher than demand so buyers are waiting for lower prices in a market with strengthened policy controls, Zhang said.

Some agents said they are getting more confident despite the gloomy market because they are seeing an increase in sales against the general situation of the market.

Zhang Nan, an agent with Zeal Reality, a luxury home agency in Xuhui district, said sales are rising smoothly.

"The current situation is quite similar to what it was at the end of 2008," said Zhang.

Take Lakeville Regency for example, Zhang said. Zeal Reality sold only three units in 2011. However, they had sold five suites by the end of June. Zhang is also dealing with some potential buyers who are bargaining for lower prices.

Unlike most luxury homes which are experiencing falling prices, some projects in prestigious locations are reporting increases in price.


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