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City's housing market finally cools as purchases drop 28.5%
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SLUGGISH sentiment prevailed among homebuyers as well as developers in Shanghai last week as the housing market finally cooled off.
The purchases of new residential properties, excluding government-subsidized affordable housing, dived 28.5 percent week-on-week to 198,000 square meters during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said in a report released today.
"For the first time in nine weeks, the volume of new home sales fell below the 200,000-square-meter threshold, evidence for notably eased momentum among buyers," said Lu Qilin, a Deovolente researcher. "We expect the lackluster sentiment to prevail in the market during the rest of this month as real estate developers also face no pressure to meet their annual targets following robust sales registered in the first 11 months."
Across the city, about 133,000 square meters of new homes were released to the market last week, a week-over-week drop of 55.5 percent, according to Deovolente data.
The new homes sold last week cost an average 25,523 yuan (US$4,184) per square meter, a decrease of 1.5 percent from the previous week.
Residential projects in outlying areas targeting budget-conscious first-time buyers continued to dominate last week's top-ten list with seven of the 10 best-selling projects costing less than 20,000 yuan a square meter.
Citywide, the most popular development went to a Greenland project in Anting, Jiading District, which saw 275 units sold during the seven-day period for an average 14,842 yuan per square meter.
Sales of luxury homes which bear a price tag of more than 50,000 yuan per square meter, however, stood unchanged from a week earlier at 77 units, Deovolente data showed.
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