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Brisk sales boost buying of new homes
By Cherry Cao |
March 12, 2013, Tuesday
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Print Edition
Print Edition
THE brisk sales of mid to low-end homes fueled buying sentiment for newly-built houses to the highest in 36 weeks while a property gains tax also lifted deals for pre-owned homes.
The purchases of new homes, excluding government-subsidized affordable housing, rose 20.7 percent from a week earlier to 312,000 square meters in Shanghai last week, Shanghai Deovolente Realty Co said yesterday.
Meanwhile, the average cost of new homes dived 20.2 percent from the previous seven-day period to 20,477 yuan (US$3,260) per square meter.
"The latest announcement by the central government to implement a 20-percent capital gains tax on existing home transactions has left an immediate impact on the local market," said Lu Qilin, a Deovolente researcher. "On one hand, more people rushed to buy used property while on the other hand, a growing number of home seekers were eager to buy a new home as they fear price hikes by developers amid increasing demand for new homes."
Half of the city's 10 best-selling projects, including the top three best sellers, cost under 15,000 yuan per square meter. That was a sharp contrast to the previous week when half of the 10 most popular developments were sold for above 30,000 yuan a square meter, according to Deovolente.
The purchases of new homes, excluding government-subsidized affordable housing, rose 20.7 percent from a week earlier to 312,000 square meters in Shanghai last week, Shanghai Deovolente Realty Co said yesterday.
Meanwhile, the average cost of new homes dived 20.2 percent from the previous seven-day period to 20,477 yuan (US$3,260) per square meter.
"The latest announcement by the central government to implement a 20-percent capital gains tax on existing home transactions has left an immediate impact on the local market," said Lu Qilin, a Deovolente researcher. "On one hand, more people rushed to buy used property while on the other hand, a growing number of home seekers were eager to buy a new home as they fear price hikes by developers amid increasing demand for new homes."
Half of the city's 10 best-selling projects, including the top three best sellers, cost under 15,000 yuan per square meter. That was a sharp contrast to the previous week when half of the 10 most popular developments were sold for above 30,000 yuan a square meter, according to Deovolente.
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