City’s new home sales fall for 4th straight month

By Cherry Cao | February 7, 2014, Friday |

Online Edition

NEW home sales in Shanghai fell for the fourth consecutive month in January as expanded property curbs rolled out in the last quarter of 2013 and a seasonal drop dented buyers' sentiment.

The purchases of new residential properties, excluding government-funded affordable housing, dropped 27.6 percent from December to 708,900 square meters last month, extending a losing streak since October, Shanghai Uwin Real Estate Information Services Co said in a new report.

Year-on-year, transaction volume was down 29.6 percent, Uwin data showed.

"Both the monthly and yearly decline was quite phenomenal to me, indicating that the government's latest tightening measures were beginning to take effect," said Huang Zhijian, chief analyst at Uwin. "More home seekers, with rather mixed opinions toward where the market would head after the government's expanded curbs, chose to sit on the sidelines for a while."

In November 2013, Shanghai announced a set of rules aiming to slow fast-rising home prices, including raising the minimum down payment for second-home buyers from 60 percent to 70 percent as well as further raising the threshold for non-locals who want to buy a property in the city.

Average cost of new homes, meanwhile, climbed 0.76 percent from a month earlier to 25,651 yuan (US$4,240) per square meter in January, the third straight gain since November.

Citywide, a Gemdale residential development in Nanhui of the Pudong New Area turned out to be the most popular project after seeing 348 units sold for an average price of 16,412 yuan per square meter, according to Uwin data.

On the supply side, 783,900 square meters of new houses were released to the local market last month, down from 812,200 square meters registered in December, according to Uwin data.

Real Estate

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City’s new home sales fall for 4th straight month

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