Increase in Home Sales in November Due to Housing Price Drop
A total of 4,340 apartments were sold in November showing an increase of 19 percent since October and recorded highest monthly sale this year. the increase in sales I due to the decrease of the average price of 18,622 yuan per square meter of a new apartment a decrease of 7.6 percent from the average price in October.
The increase and decrease in prices was caused by the market structure since most of the small apartments found in Longgang and Bao’an districts were placed on the market in the fourth quarter of this year, which generally have lower prices and were sold out just as fast. In Longgang district, around 1,658 apartments were sold accounting for 40 percent of the total sales in the city. The average price for the apartments was at 13,654 yuan square meter. Most of the new apartments were small to medium sized covering no more than 90 square meters of space.
The city is planning 38 new residential projects to enter the market this November and December, which is an increase of 20 percent compared to the same period last year. These residential projects will offer small and medium sized apartments around Longgang and Longua New area. These new apartment is expected to increase transaction volume as the prices will drop slightly through several promotions that will be launched by real estate developers.