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First tier city transaction volumes rise to highest level in three months

  • Published 29 Jul 2010

Real estate transaction volumes in first tier cities rose to their highest level in almost three months during the week ending July 28. Meanwhile, iron ore prices increased for the second consecutive week following a declining trend that has persisted for almost three months. Steel prices, however, were mixed - rebar's recent price rebound moderated, while hot and cold rolled coil prices continued to rise.

During the week ending July 28, the average daily transaction volumes in Beijing, Shanghai, Guangzhou and Shenzhen rose 26.1% week on week to 88,944 sq m per day. This was the highest average daily volume since April 28 when they were at 103,107 sq m per day, before falling sharply the following week to 84,683 sq m per day and continued sliding since (see chart). Meanwhile, the average daily transaction volume in 17 second tier cities remained relatively steady, falling just 3.6% to 248,571 sq m per day.

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