Year's low in new home supply in Shanghai

08:27, February 22, 2011      

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New home supply dropped to the lowest in a year last week in Shanghai because real estate developers remained hesitant to release homes until they saw a clearer sign of recovery.

Only about 12,000 square meters of new homes, excluding those built under the city's affordable housing programs, were released to the local market last week, the lowest since the week ended on February 21, 2010, when none was introduced due to the Spring Festival break, Shanghai Uwin Real Estate Information Services Co said yesterday.

During the previous seven-day period, 181,000 square meters were launched, and 38,000 square meters were released during this year's Spring Festival holiday.

"Real estate developers prefer to wait further as the market has remained extremely sluggish since late January when new tightening policies were introduced by the central government to cool the market which was followed by the Spring Festival holiday, a traditional slack season for property purchases," said Lu Qilin, a researcher at Uwin. "It is possible that supply will recover in March but it's still a bit early to predict how many projects might be finally released to the market."

Real estate website has found that 53 new residential developments may be released across the city next month, a surge of 280 percent from February and a 71 percent jump year on year.

Of the total, 35 are apartment projects, 15 are villa developments and the remainder mixed ones, according to Soufun research.

"I don't expect a notable recovery of new home supply in Shanghai at least until mid March," said Sky Xue, a researcher of China Real Estate Information Corp.

Source: Shanghai Daily
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