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City's new home sales halve
By Cao Qian |
February 2, 2010, Tuesday
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Print Edition
Print Edition
NEW home sales halved in Shanghai in January from a month earlier due to sluggish buying momentum, which was affected by a series of government cooling measures that aim to curb property speculation.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, plunged 51 percent to 700,000 square meters last month, Shanghai Uwin Real Estate Information Services Co said yesterday.
"The January drop is the biggest over the last couple of years mainly as a result of a policy shift, although the beginning of a year is usually a low season for home purchases in China due to the approaching Spring Festival," said Lu Qilin, a researcher at Uwin.
"The transaction volume of new homes in January this year was even lower than the monthly average of 2008 when a significant correction in the real estate market took place as the global financial turmoil hit."
According to Uwin research, new home sales in Shanghai fell 33 percent, 5 percent, 17 percent and 44 percent month on month in January between 2006 and 2009.
But the average price remained stable at 19,953 yuan (US$2,921) per square meter, falling just 1.1 percent from December, Uwin statistics showed.
Prices of about 30 percent of new housing developments dropped between 1 and 5 percent in January from a month earlier while prices of most projects rose between 1 and 10 percent, Uwin found after tracking transactions of some 120 new residential developments in December and January.
On the supply side, 730,000 square meters of new houses came into the local market, a monthly tumble of 47 percent.
Analysts said new home transactions won't rebound notably as the Spring Festival approaches while housing prices might continue to hover around the current level.
Meanwhile, the transaction volume in the existing property market also fell from a month earlier, said Century 21 China Real Estate, which launched its initial public offering on the New York Stock Exchange a few days ago.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, plunged 51 percent to 700,000 square meters last month, Shanghai Uwin Real Estate Information Services Co said yesterday.
"The January drop is the biggest over the last couple of years mainly as a result of a policy shift, although the beginning of a year is usually a low season for home purchases in China due to the approaching Spring Festival," said Lu Qilin, a researcher at Uwin.
"The transaction volume of new homes in January this year was even lower than the monthly average of 2008 when a significant correction in the real estate market took place as the global financial turmoil hit."
According to Uwin research, new home sales in Shanghai fell 33 percent, 5 percent, 17 percent and 44 percent month on month in January between 2006 and 2009.
But the average price remained stable at 19,953 yuan (US$2,921) per square meter, falling just 1.1 percent from December, Uwin statistics showed.
Prices of about 30 percent of new housing developments dropped between 1 and 5 percent in January from a month earlier while prices of most projects rose between 1 and 10 percent, Uwin found after tracking transactions of some 120 new residential developments in December and January.
On the supply side, 730,000 square meters of new houses came into the local market, a monthly tumble of 47 percent.
Analysts said new home transactions won't rebound notably as the Spring Festival approaches while housing prices might continue to hover around the current level.
Meanwhile, the transaction volume in the existing property market also fell from a month earlier, said Century 21 China Real Estate, which launched its initial public offering on the New York Stock Exchange a few days ago.
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