[photopress:housing_shanghai_real_estate.jpg,full,alignright]It is not all doom and gloom in the property market. In Shanghai sales rose 150.2% from February to 1.8 million sq m in March.
China Real Estate Index System said average sales growth in March from February was around 90% during the past three years — usually a slow season for the property market.
A total of 17,644 apartments were sold in March, up 72.7% from February. Around 42% of new developments saw an average price rise of 4.2%, while 13% fell an average 4.8%.
Analysts said rising prices show buyer enthusiasm is returning after the city’s property market cooled, with sales shrinking a combined 16.6% in January and February.
HingYin Lee, director of Colliers International East China Consultancy & Research, said, ‘The Chinese government is not expected to issue more real estate tightening measures this year due to the possible economic slowdown.’
Zhang Qi, an analyst at China Real Estate Index System, said ‘Market sentiment is expected to remain stable in the next few months and sales will not see large ups and downs.’
HingYin Lee said, ‘High-end residential sales are expected to remain stable, and sales of apartments located on the city’s outskirts are likely to drop.’
Source: China Daily