[photopress:property_shanghai_1.jpg,full,alignright]Shanghai’s real estate agents are keeping prices high despite talk of a property slowdown. As a result buyers are not responding to the offers.
The central bank’s first-quarter survey of residents in 50 Chinese cities shows that only 14.6% plan to buy homes in the next quarter, down 1.3% from last quarter and a 1.9% drop year-on-year.
Of the seven big cities surveyed, Shanghai saw the most distinct fall in homebuyers for the next quarter, down to a record 4.3%.
However, there are signs the market could be about to warm up again.
According to the China Real Estate Index System, 5,260 commercial apartments were sold in Shanghai from Mar 17 to 23, up 14.37% on the previous week, and the sixth consecutive weekly rise.
Zhang Qi, an analyst at the China Real Estate Index System, said ‘Property prices in Shanghai have shown signs of recovery this month, as huge demand still exists in the city.’
Source: China Daily