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Homebuyer sentiment sluggish in city coming out of holiday period
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BUYERS' sentiment remained sluggish in Shanghai last week despite a rebound as a wait-and-see attitude continued to prevail among home seekers, the latest market data showed.
Purchases of new residential properties, excluding government-subsidized affordable housing, totaled 101,900 square meters during the seven-day period ended Sunday, a week-on-week increase of 247 percent, according to a report released today by Shanghai Uwin Real Estate Information Services Co.
Despite the increase, the amount was far below average weekly sales.
"Slack momentum still dominated the local housing market despite the surge as the Spring Festival holiday came to an end," said Huang Zhijian, chief analyst at Uwin. "The canceling of mortgage rate discounts by many commercial banks as well as ever-tightened lending available for mortgage applicants are leaving some negative impact on the housing market."
In the first 16 days of February, for instance, new home sales in Shanghai totaled 131,300 square meters, Uwin data showed. By comparison, an average of 237,900 square meters of new housing was sold across the city every week during the past 12 months.
Average cost of new homes, meanwhile, rose 4.3 percent from the previous week to 26,317 yuan (US$4,350) per square meter amid robust demand for high-end properties.
Among the city's five most popular housing projects sold last week, three cost more than 40,000 yuan per square meter with one of them even carrying a price tag of more than 90,000 yuan a square meter, Uwin data showed.
On the supply side, about 50,800 square meters of new houses were released to the local market last week, a weekly drop of 53.7 percent.
Citywide, inventory of new homes available for sale stood at nearly 10 million square meters as of this afternoon, according to data posted on the city's official housing website. That compared to some 9.72 million square meters registered at the end of 2013.
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