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Home transactions plunge in Shanghai
By Cao Qian |
January 19, 2010, Tuesday
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Print Edition
Print Edition
HOME sales plunged more than 50 percent in Shanghai in the first half of this month amid growing wait-and-see sentiment among buyers.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment projects, totaled 334,200 square meters between January 1 and 15, compared with 689,300 square meters in the first 15 days of December, according to statistics released yesterday by Shanghai Uwin Real Estate Information Services Co.
"Buyers turned cautious after a series of measures were introduced recently to curb speculation and cool down the overheated market," said Lu Qilin, a researcher at Uwin. "Transactions will continue to remain at low levels, and a notable rebound will not occur until after the Spring Festival."
The price of new homes averaged 19,993 yuan (US$2,927) per square meter in the first half of January, compared with 21,112 yuan per square meter during the same period a month earlier.
New home transactions have now dropped four straight weeks since December 21, Uwin data showed.
A similar contraction occurred in existing home transactions.
Existing home sales dropped about 50 percent in the first half of January at Century 21 China Real Estate, operator of the city's second-largest property agency chain.
"We expect slack buyer momentum to last at least through the end of next month as a series of cooling measures introduced by the government has started taking effect," said Huang Hetao, a researcher at Century 21. "Hopefully, more home owners will lower their asking prices to help conclude deals."
At Century 21 outlets, about 20 percent of home owners are now negotiating price cuts while 50 percent still seek their original list price.
Last month, the State Council said that people who sell homes less than five years after purchase must once again pay a 5.55 percent tax starting January 1. The previous lock-up period was two years.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment projects, totaled 334,200 square meters between January 1 and 15, compared with 689,300 square meters in the first 15 days of December, according to statistics released yesterday by Shanghai Uwin Real Estate Information Services Co.
"Buyers turned cautious after a series of measures were introduced recently to curb speculation and cool down the overheated market," said Lu Qilin, a researcher at Uwin. "Transactions will continue to remain at low levels, and a notable rebound will not occur until after the Spring Festival."
The price of new homes averaged 19,993 yuan (US$2,927) per square meter in the first half of January, compared with 21,112 yuan per square meter during the same period a month earlier.
New home transactions have now dropped four straight weeks since December 21, Uwin data showed.
A similar contraction occurred in existing home transactions.
Existing home sales dropped about 50 percent in the first half of January at Century 21 China Real Estate, operator of the city's second-largest property agency chain.
"We expect slack buyer momentum to last at least through the end of next month as a series of cooling measures introduced by the government has started taking effect," said Huang Hetao, a researcher at Century 21. "Hopefully, more home owners will lower their asking prices to help conclude deals."
At Century 21 outlets, about 20 percent of home owners are now negotiating price cuts while 50 percent still seek their original list price.
Last month, the State Council said that people who sell homes less than five years after purchase must once again pay a 5.55 percent tax starting January 1. The previous lock-up period was two years.
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