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Special> Video
UPDATED: November 13, 2008  
Shenzhen,Shanghai Housing Transactions Up

Although housing prices aren't exactly bouncing back, sales volumes around the country have started to increase and breathe some life back into the sector.

Figures from Shenzhen's Land and Real Estate Bureau show that as major commercial banks have come out with detailed policies on cuts in taxes, mortgage rates and down payments, transactions of new properties have exceeded 130 units every day in the city. And second-hand home transactions have stabilized at 150 units a day, three times the volume in October.

Real estate agencies say most potential homebuyers are first-time buyers or owners of small apartments, hoping to buy bigger apartments to improve their living conditions.

One Shenzhen resident said "I have a small one covering 90 square meters. I am looking at a bigger one of more than 100 square meters."

One Shenzhen resident said "I have been waiting for a year to make a purchase. One year ago, housing prices were ridiculous. Now they have become reasonable. I am starting to consider buying."

Since September, apartments between 110 and 130 square meters have proved to be bestsellers. Those apartments have two bedrooms and two washrooms, suitable for families with children and grandparents.

In Shanghai, transactions of second-hand apartments grew 15 percent in October from September, the first rise this year. But real estate agencies say prices of second-hand homes have only dropped one to two percent in the central districts. More potential buyers are still waiting for further discounts.

(CCTV November 13, 2008)


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