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Housing market enters 鈥榟oliday mode鈥
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Sentiment among homebuyers in Shanghai posted an “insignificant” recovery last week as the market moved to a “holiday mode” with the approach of Spring Festival, the most important family reunion holiday in China.
The purchases of new homes, excluding government-funded affordable housing, rose 12.9 percent from a week earlier to 161,700 square meters during the seven-day period ended on Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
“The recovery was rather insignificant, further evidence that the market has shifted to a ‘holiday mode” with both buyers and sellers showing little enthusiasm,” said Huang Zhijian, chief analyst at Uwin. “Even the best-selling residential project registered transactions of fewer than 80 units.”
The average cost, however, added 0.9 percent on week to 26,228 yuan (US$4,338) per square meter, Uwin data showed.
Last week, Shanghai saw a release of 222,800 square meters of new homes, a weekly jump of 50 percent.
But the supply was still slightly below the average weekly supply of 230,400 square meters released in the city over the past 12 months.
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