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New home stocks firm but sales seen soft

09-21-2011 16:01 BJT

The supply of new residential properties will remain stable in Shanghai in October, while developments located in downtown areas are expected to rise notably from this month but that may not translate into a sales boom.

The local housing market will see the release of 47 new projects, consisting of 39 apartment developments and 8 villa projects, for sale next month, compared to 46 scheduled for September, according to a research released yesterday by major real estate website Soufun.com.

In October 2010, 44 housing developments were released for sale in Shanghai, Soufun data showed.

"While projects beyond the city's Outer Ring Road continue to take a 70 percent market share, those located within the Middle Ring Road will witness a significant rise compared to this month," said Tang Zhengwei, a Soufun analyst. "Citywide, Pudong New Area and Songjiang District will lead in new supply with each having seven projects offered next month."

Five projects each will be launched within the Inner Ring Road and between the Middle and Inner ring roads - the city's downtown areas - in October, a monthly surge of 67 percent and 150 percent, respectively, Soufun data showed.

But a latest survey conducted among real estate developers by Soufun showed nearly 52 percent of respondents said they don't expect strong sales in September or October. Only 13 percent of them were positive about the outlook for the two months - traditionally the best season for home sales in China.

 

Editor:Yang Jie |Source: Shanghai Daily

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