Recent data from the Survey of Market Absorption of Apartments (SOMA) showed that the number of privately financed, nonsubsidized, unfurnished apartments have continued to rise as of the end of 2012. The report showed 31,600 completions of building with more than five apartments in the fourth quarter, with was up from the third quarter, and more than double the fourth quarter of 2011. In addition, the number of apartments sold or rented after construction is complete, known as the absorption rate, was high, sitting at 65%, for an overall year average of 64% in 2012.
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