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Wuhan home sales plummet in H1

By Zhao Tingting (chinadaily.com.cn)
Updated: 2008-07-14 15:34

Sales of residential houses in Wuhan, the capital of Hubei province, dropped to the level of eight years ago in the first half of this year, as most homebuyers continued to adopt a wait-and-see attitude toward the property industry, according to the Wuhan Evening News.

Some 2.45 million sq m of commercial residential houses was sold in the first half of this year, down 49.56 percent from a year before, according to an analysis report of Wuhan's property industry in the first half of 2008. While in the first six months of 2000, the city's commercial housing turnover exceeded 2 million sq m.

The report also said that 20,504 units of commercial residential housing were sold, down 50.41 percent from the same period of last year. More than half of them were in high-floor buildings.

The city sold an average of 3,417 units of commercial residential property per month or 113 units per day in the first half of this year, according to the report. The figure was less than half of the previous year.

Commercial housing prices were mainly between 5,000 yuan ($731.91) and 6,000 yuan per sq m in this city. Some 6,250 units were sold at this price range, accounting for 30.48 percent of the total turnover.

The toal supply of new residential houses amounted to 3.92 million sq m in the first half, down 7.14 percent from the same period of last year, according to the report.