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City housing market hot in March
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SALES of existing houses more than doubled in Shanghai in March while prices also climbed amid extremely robust sentiment among buyers.
Citywide, purchases of pre-occupied residential properties jumped 112.2 percent from February to some 57,000 units last month, Shanghai Centaline Property Consultants Ltd said in a latest report. Year-on-year, that represented an even notable surge of 170.8 percent.
"That was the second-highest monthly transaction volume (of existing homes) registered in the city, which should be attributed to a number of reasons," said Lu Wenxi, a senior manager of research at Shanghai Centaline. "March is the traditional month when buying momentum is supposed to recover and rapid price increases in February, coupled with specualtions on introductions of tightening policies by the government also triggered panic buying among home seekers."
These pre-owned houses were sold for an average 26,622 yuan (US$4,103) per square meter, a month-over-month increase of 2 percent, according to Centaline data.
The city’s existing housing index, which monitors monthly price changes across 130 areas in the city, jumped 3.44 percent from February to 3,484 in March, the Shanghai Existing House Index Office said in a report released today.
The prices of pre-owned houses gained in 116 areas while they fell in seven areas and were flat in the remainding seven areas.
"The latest batch of tightening measures, which mainly include increased down payment requirement for second homes and raised threshold for non-local residents to purchase a house, will begin to take effect gradually since the second quarter," the office said. "The city's existing home market will come to stabilize and it is highly likely that prices may go southward."
From the inventory side, as off March 31, a total of 132,248 units of existing homes are available for sale across the city, a month-on-month rise of 7.5 percent, according to data from the office.
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