Ningbo sees property market revival on Feb
- Details
- Category: Ningbo News
- Published: Monday, 12 March 2012 13:33
On Feburary, one year after the implementation of the property purchase restriction, Ningbo property market unexpectedly saw signs of revival. Statistics show 450 transactions of commodity housing in the central urban area and 700 transactions of second-hand housing were reported last month, indicating a significant increase over the previous month. Insiders believe that the trading volume is still at historic lows compared with the same period in previous years, so the revival is nothing but a sign of temporary increased demand.
According statistics of Nantian Real Estate Agency, they completed 235 second-hand housing transactions, with 213 residential housing transactions in February. However, the monthly transaction volume had been under 100 in the previous six consecutive months. Similarly, another real estate agency, Yong Wang, said they completed 213 second-hand housing transactions in February, a substantial increase by 178 sets over the previous month. Among the total transaction volume, 208 sets are residential houses. 21 century Real Estate reported 300 transactions, nearly three times of the volume in January.
While second-hand housing market turns hot, the market of commodity housing also get active. Qinglin Bay Residential Area was undoubtedly the best-selling real estate, and on February, 150 buyers have signed purchase contracts with the developer.
According to statistical analysis, the revival of property market since February is driven by the sale of "school district housing" or houses with good primary schools nearby. More importantly, the rigid demand leads to the revival. Nantian Real Estate said 144 out of the total 213 transactions are first homes. Statistics from Yong Wang real estate show that more than 100 second-hand houses they sold are units under 90 square meters and priced under 1 million yuan. Driven by rigid demand, all newly-sold houses are small units with 80 square meters in area.
In addition, demand to improve housing condition contributes to the recent revival of the property market. Zhong Weimin, a sales director from Rongan Property Co., Ltd., believes a large number of the hold buyers are those who wish to improve their housing conditions.
