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Shanghai’s housing market remains active after the tightening
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NEW home purchases continued to rebound in Shanghai for the third straight week but the latest round of rally might not be sustainable, industry analysts predicted.
The area of new residential properties sold, excluding government-subsidized affordable housing, rose 9 percent to 151,000 square meters last week, Shanghai Centaline Property Consultants Co said in a report released today.
"Though we've seen week-over-week increase in volume for three weeks in a row, I'm afraid the rally would probably not extend further since last week's gain was primarily fuelled by one single project," said Lu Wenxi, senior manager of research at Centaline. "Overall momentum remained sluggish following the newest round of tightening policies which have been considered the toughest of its kind ever implemented in the city."
Citywide, outlying Fengxian District outperformed all of its counterparts with seven-day transaction of new homes hitting nearly 40,000 square meters, mainly boosted by a development where 563 apartments, or totaling 37,912 square meters, were sold for an average price of 18,007 yuan (US$2,601) per square meter during the seven-day period ended Sunday.
By price, new homes sold for an average 44,499 yuan per square meter, a week-on-week rise of 7.3 percent.
On the supply side, about 85,000 square meters of new residential properties, most of which bearing a price hovering around 40,000 yuan per square meter, were launched to the local market, a week-over-week plunge of 37.2 percent.
Looking forward, new residential property purchase is expected to register rather low volume till the end of this month, industry analysts said.
"The latest rein-in policies could prevent half of the potential buyers, most of whom upgraders, from entering the market while home-seekers who still stay unchanged in their mind would probably choose to wait a bit longer to see if they can get a better price," Lu said.
In late November, Shanghai further tightened its mortgage policies to cool the city’s overheated housing market by asking first-time buyers putting down a minimum 35 percent deposit and second-time buyers at least 50 percent down payment.
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