Home market grows weaker ahead of holiday

By Cherry Cao | February 9, 2015, Monday |

Online Edition

SENTIMENT among home buyers and real estate developers plunged in Shanghai last week as the Spring Festival is just around the corner.

The purchases of new residential properties, excluding government-funded affordable housing, dropped 35.6 percent to 149,600 square meters during the seven-day period ended Sunday, Shanghai Deovolente Realty Co said in a report released today.

"It was the first time in months that the weekly volume fell below the 150,000-square-meter threshold, with only two projects securing sales of more than 5,000 square meters, evidence for really sluggish momentum," said Lu Qilin, a Deovolente researcher. "The slack sentiment will not recover until early March when developers should start to release more properties to boost sales."

Last week in the city, only 103,000 square meters of new housing units at four developments were launched for sale, a week-over-week plunge of 49 percent, Deovolente data showed.

By price, new homes sold last week cost an average 28,059 yuan (US$4,525) per square meter, a retreat of 1.9 percent from the previous week.

While average cost remained little changed, the high-end sector suffered an obvious decrease with a total of 80 units with a price of more than 50,000 yuan per square meter being sold across the city, a drop of 20 from one week earlier, Deovolente research showed.

Citywide, a housing development in outlying Baoshan District grabbed the title of best-selling project of the week after 78 apartments were sold for less then 29,000 yuan per square meter on average. And the runner-up went to a project in even remoter Jinshan District where 42 units, costing less than 9,800 yuan a square meter, found their buyers.

Real Estate

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Home market grows weaker ahead of holiday

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