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House prices decline in Shanghai as supply increases
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15:39, September 01, 2009

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In order to take advantage of the rebound in the property market, a lot of estates in suburbs of Shanghai have speeded up their entry into the market during the final week in August (August 24 to 30). This eased pressure on the housing shortage.

According to last weeks E-house China statistics, Shanghai supplied new commercial residential buildings totaling 386.4 thousand square meters, an increase of 23.5 percent, reaching nearly a 10-week high. However, due to the limiting shortage of real estate, the Shanghai property market turnover fell by 5.9 percent to 357.8 thousand square meters last week. At the same time, the Shanghai property market reversed the shortage situation of six consecutive months.

Affected by the shrinkage in deal volume the Shanghai property market's average transaction price hit record-high of 19,603 yuan in the second week of August. After that, the price has declined for two weeks, decreasing by 0.8 percent, amounting to 17.33 yuan per meter.

Xue Jianxiong, a real estate analyst, stated that the downtime gradually defers projects that had achieved the pre-sale condition after being motivated by the rebound of the property market to accelerate construction. Amid them, some projects would appear on the market before the peak sales period of September and October, which was the main reason for increase in supply last week. It can be expected that the supply in the next 1-2 months will still remain high, the shortage situation also might be eased, and the increasing home prices will be lowered.

By People's Daily Online

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