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City sees decline in new home sales
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New home purchases in Shanghai have fallen below the 300,000 square meter threshold for the first time in six weeks.
Sales of new residential properties, excluding government-subsidized affordable housing, fell 36.2 percent from a week earlier to 259,400 square meters during the seven-day period to Sunday, Shanghai Deovolente Realty Co said yesterday.
The new houses sold for an average 24,779 yuan (US$4,067) per square meter, a weekly increase of 1.5 percent.
New home supplies also saw a decline of 55.3 percent to 220,700 square meters compared to the previous week, the lowest in nine weeks, according to Deovolente.
“Following robust sales registered over the past few weeks, the market finally cooled down, a reflection of somewhat eased sentiment,” said Lu Qilin, a Deovolente researcher.
“The latest curbs implemented by the local government, meanwhile, may also help trigger some wait-and-see sentiment among potential buyers.”
Shanghai issued tightening policies on November 8 to curb rising prices, raising the minimum down payment to 70 percent from the previous 60 percent for second-home buyers and requiring non-local households to provide evidence of residence for a cumulative 24 months over three years.
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