Tina Chen
SALES of new homes increased 34 percent last week, the city s urban planning, land and resources commission said yesterday.
More than 600 new homes were sold last week. The average price, however, dropped 8 percent from the previous week to 16,534 yuan (US$2,470) per square meter. But the average price of new homes in Nanshan District increased 24 percent.
The market for pre-owned homes last week experienced a slight drop of 3 percent. A total of 2,083 pre-owned homes were sold.
The average price of pre-owned homes dropped 6 percent to 14,622 yuan per square meter.
The price drop was attributed to most of the properties being homes of 90 square meters or smaller. The data shows the new homes market has already bottomed out due to rigid demand as well as promotions by property developers, said Wang Shijie, marketing director of Centaline Property. The market for pre-owned homes is expected to rebound in a steady but slow manner.
