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Fewer housing projects offered for sale in 2012

(Shanghai Daily)

09:13, December 16, 2011

MORE than 60 residential projects in Shanghai will be offering their units for sale for the first time next year, with nearly half of them located in Pudong New Area as well as Baoshan and Jiading districts.

The number is a drop from the 87 projects that were released this year, according to a latest report released by Soufun.com, the country's leading real estate website.

By proximity to the city center, over 70 percent of the projects will be located beyond the Outer Ring Road, followed by those sited within the Inner Ring Road which account for 16 percent of the total.

"Pudong, Baoshan and Jiading seem to be the most popular areas in Shanghai this year where supply and demand are both very strong," said Tang Zhengwei, a Soufun analyst. "Budget-conscious end-users, rather than investors or speculators, have dominated property buying in the three areas."

Ten of the 61 projects - 36 apartment developments, 19 villa projects and 6 mixed ones - to be launched in the city in 2012 are located in Pudong, followed by nine in Baoshan and eight in Jiading, according to Soufun research.

Industry analysts also predicted that developers of these projects may offer significant discounts as they face intense sales competition next year since the government's austerity measures will continue to be strictly enforced.

In a separate research released yesterday by Soufun, some 800 residential units in three projects outside the Outer Ring Road will be released for sale in Shanghai over the coming weekend, a fall of 10 percent from the same period a week ago.

The prices for the three developments will rise 10 percent from last weekend to an average of 16,000 yuan (US$2,524) per square meter, Soufun data showed.

 
 
 
 
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