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Shanghai pre-owned home market extends rally in January
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SHANGHAI'S existing home market extended rally for another month in January with demand from both first-time buyers and upgraders remaining robust.
A total of 44,500 units of pre-owned houses were sold across the city last month, the highest volume registered in January, Shanghai Centaline Property Consultants Ltd said in a report released today. That marked a 4.3 percent rise from December and a surge of 146.2 percent from the same period a year ago.
"The city's existing home market was off to a great start in 2016 as many home seekers were eager to complete the deal before the arrival of the Chinese New Year," said Sun Li, a senior researcher at Shanghai Centaline. "Looking ahead, we expect transaction volume to fall to between 30,000 units and 35,000 units this month because of the week-long Spring Festival holiday."
Pre-owned homes across the city were sold for an average 27,156 yuan (US$4,127) per square meter in January, up 2.4 percent monthly and a year-on-year gain of 17 percent, Centaline data showed.
Citywide, buying momentum in outlying Fengxian District recorded the most significant growth. More than 1,240 units of previously-occupied homes were sold there last month, a jump of 22 percent from December. It was closely trailed by Songjiang District, where the number of existing homes sold rose nearly 11 percent to 2,878 units, according to Centaline research.
The city’s existing housing index, which tracks monthly price changes, climbed 0.95 percent from a month earlier to 3,252 in January, decelerating from a 1.94 percent growth in December, the Shanghai Existing House Index Office said in its latest report.
The prices of pre-owned houses rose in 99 of the 130 areas monitored, fell in 13 and were little changed in the remaining 18 areas.
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