THE number of new homes sold continued rising for a third week, up nearly 14 percent over the previous week, statistics show.
The number of new homes sold were expected to continue rising in the face of inflationary pressure and expectations of a yuan appreciation, the Shenzhen Special Zone Daily said.
The rise (in the number of new homes sold) last week can be partly attributed to the number of new housing projects real estate developers put into the market, said Wang Shijie, director of market research department of Centaline Property.
More than 1,000 new homes were put up for sale last week, much more than in October, said Wang.
He said an increasing number of homebuyers lowered expectations that property prices would continue to fall and started buying as the developers offered a number of promotions.
The expectation that inflation will climb over 4 percent in November has also driven many homebuyers to buy now, Wang said.
The average price of new homes sold last week rose to 18,673 yuan (US$2,787) per square meter, up 13 percent over the previous week. Real estate analysts said the increased number of upmarket apartments sold last week was partly responsible for pushing up the average home price.
However, the expectation that the yuan will continue appreciating also drive property prices upward. Many Hong Kong residents are crossing the border to buy property to guard against a depreciation of the Hong Kong dollar against the yuan. (SD News)
