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City home market sinks in February
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Shanghai’s existing housing market posted a major retreat in February, as a series of administrative curbs coupled with the Spring Festival holiday dampened sentiment.
Citywide, about 19,000 pre-owned homes changed hands last month, a drop of 57 percent from January, Shanghai Homelink Real Estate Agency said in its monthly report.
In February, existing homes sold for an average of just over 40,000 yuan (US$6,147) per square meter, or 3.32 million yuan per unit, a decline of 8 percent from January.
By value, existing homes worth a total of 63.1 billion yuan were sold, a month-over-month plunge of 61 percent.
“Tightening measures introduced recently by both the central and local governments proved to be effective in cooling down the overheated residential market, which suffered notable withdrawals in almost all aspects,” said Yang Yulei, a senior analyst with Homelink. “Wait-and-see sentiment seemed to prevail, and the average price of existing homes located beyond the Suburban Ring even fell on a year-on-year basis.”
Physical viewings handled by Homelink, for instance, fell 44 percent in February from a month earlier, while the number of new clients also increased at a slower pace, Yang added.
Citywide, Nanqiao in Fengxian District, the core area of Jiading District and Zhoukang in the Pudong New Area were the most sought-after areas among pre-owned home seekers last month, with sales of 599, 475 and 456 homes respectively, according to Homelink.
Over the first two months of 2021, about 63,000 existing homes, with a total value of 224.1 billion yuan, were sold across the city. The average price of these homes was 3.53 million yuan, or 42,508 yuan per square meter.
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