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Falling home deals due to the new restrictions
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NEW home purchases fell in Shanghai last week as wait-and-see sentiment picked up among buyers as a result of local implementation of tightening measures aimed to cool the overheated market.
The area of new residential properties sold, excluding government-funded affordable housing, plunged 60.4 percent from a week earlier to 284,000 square meters during the seven-day period ended Sunday, Shanghai Centaline Property Consultants Ltd said in a report released today.
"The latest batch of tightening policies began to take effect as expected while the three-day Tomb Sweeping Festival holiday also damped buyers' interest somehow," said Lu Wenxi, a senior manager of research at Shanghai Centaline. "However, the daily transaction volume stayed around 40,000 to 50,000 square meters on work days and that was quite a normal level."
The mean cost of new houses, meanwhile, fell 3.4 percent week over week to 32,916 yuan (US$5,078) per square meter as medium- to low-end projects continued to be the most sought-after type among home seekers.
Among the city's top 10 most popular developments, only one cost an average price of above 50,000 yuan per square meter. Seven of them were sold for no more than 27,000 yuan per square meter, according to Centaline data.
On the supply side, some 431,000 square meters of new houses, majority of which priced at 40,000 yuan per square meter and below, were released to the local market, a week-over-week increase of 45.4 percent.
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