City Saw an Increase of Home Purchases for the First Half of this Year

City Saw an Increase of Home Purchases for the First Half of this YearFor the first half of this year the city has sold a record average price of 11,869 yuan per square meters a price which represents a 72 percent increase compared to the same period last year. The lot sold has a total area of around 1.48 million square meters which is 93 percent of the total amount of lots that were sold last year. These sold lots were mostly commercials and none were sold for residential property development in contrast with the local housing market which is unpredictable.

6 percent of the nearly 3,000 property agencies shut their doors so far this year and so of the property agency outlets are now the leading source of many potential buyers that are now looking for preowned homes and apartments. For the first half of this year sales of 26,113 preowned homes with an area of 2.21 million square meters has decreased by more than 44 percent compared to last year. The monthly home sales also saw a all time low as potential preowned buyers were holding on to their cash for a better deal. Some buyers also searched online for homes making it unnecessary for property agencies.

Home sales saw a decrease in March and April, and May saw another decrease but home prices jumped in September and October. A home listing which is circulating on the internet has ranked Shenzhen as the third most resistant to a decrease in home prices after Shanghai and Beijing.

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