Holiday put home sales on brake

By Cherry Cao | February 15, 2016, Monday |

Online Edition

THE week-long Spring Festival holiday almost put the city's housing market to a halt as sentiment among both developers and home seekers dropped notably.

The area of new residential properties sold, excluding government-subsidized affordable housing, totaled 9,200 square meters during the seven-day period ended Sunday, a week-over-week plunge of 94.4 percent, Shanghai Homelink Real Estate Agency Co said in a report released today. The mean price of the new homes stood at 33,378 yuan (US$5,112) per square meter, a decrease of 12.1 percent from the previous week.

"No new supply was recorded last week as developers shelved their sales plan for the Chinese New Year holiday," said Ke Xiaojuan, a researcher at Shanghai Homelink. "However, we expect the market to register vibrant performance in March as new home supply is set to rebound to the pre-holiday level within two weeks while housing prices will most likely resume their northward trajectory."

Citywide, outlying Jiading District recorded the most "robust" sales with 12 residential units being sold last week, and 9 out of the ten most "popular" projects cost less than 40,000 yuan per square meter, according to Homelink data.

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Holiday put home sales on brake

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