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Cool sentiment snaps housing rally in Q4
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SENTIMENT among home buyers and real estate developers cooled in Shanghai in January, snapping a major rebound which dominated the last quarter of 2014, latest market data suggest.
The purchases of new homes, excluding government-subsidized affordable housing, plunged 44.8 percent from December to 756,500 square meters last month, the lowest volume since September, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
“It was an abrupt drop from the previous month when new home sales surged to the highest in 2014 to 1.37 million square meters, partly boosted by speculation that the city government may revoke its home purchase restrictions,” said Huang Zhijian, chief analyst at Uwin.
“As the Spring Festival is approaching, slack momentum will definitely extend for another month while it is a bit hard to say whether a recovery is likely in March.”
Citywide, medium- to low-end properties again dominated the market with eight of the 10 most popular projects sold last month at under 23,000 yuan (US$3,675) per square meter. The average cost of a new house was 28,659 yuan per square meter in January, a month-on-month drop of 4.5 percent.
Meanwhile, developers released about 688,100 square meters of new houses to the local market last month, a sharp drop from the nearly 1.5 million square meters in December, Uwin said.
“While January is a traditional low season for home purchase due to the cold weather and the Lunar New Year factor, developers should remain cautious because the city’s inventory still remains very high despite a significant rebound in the fourth quarter of last year,” Huang added.
There are over 12.8 million square meters of new homes for sale across the city, according to fangdi.com.cn, the city’s official real estate information website.
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