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January sees 25% drop in sales of new homes
By Cao Qian |
February 10, 2011, Thursday
|
Online Edition
Online Edition
HOME buying sentiment cooled down a bit in Shanghai last month as transaction volume fell in the traditional slack season before the Spring Festival.
Sales of new homes, excluding those built under the city's affordable housing program, reached 1.05 million square meters in January, a decrease of 25 percent from December, according to Shanghai Uwin Real Estate Information Services Co.
Average price, meanwhile, dipped 5 percent from a month earlier to 22,992 yuan (US$3,494) per square meter, as a result of fewer deals involving high-end houses, Uwin statistics showed.
"Despite the monthly drop of 25 percent, the past month actually witnessed quite good sales compared with same month of last two years," said Lu Qilin, a Uwin researcher. "That was possibly due to the fact that more buyers were eager to conclude home purchase before the central government introduces further rein-in policies to curb speculation."
In January 2010 and 2009, new home sales in Shanghai stood at 671,961 and 463,793 square meters respectively, according to Uwin.
With tightening policies coming one after another -- increased down payment for second-home buyers, suspension of third-home purchases, property tax trials in Chongqing and Shanghai, and interest rate hikes -- home sales in the next few months are expected to drop notably and housing prices are likely to "correct" a bit to boost demand, Lu predicted.
Sales of new homes, excluding those built under the city's affordable housing program, reached 1.05 million square meters in January, a decrease of 25 percent from December, according to Shanghai Uwin Real Estate Information Services Co.
Average price, meanwhile, dipped 5 percent from a month earlier to 22,992 yuan (US$3,494) per square meter, as a result of fewer deals involving high-end houses, Uwin statistics showed.
"Despite the monthly drop of 25 percent, the past month actually witnessed quite good sales compared with same month of last two years," said Lu Qilin, a Uwin researcher. "That was possibly due to the fact that more buyers were eager to conclude home purchase before the central government introduces further rein-in policies to curb speculation."
In January 2010 and 2009, new home sales in Shanghai stood at 671,961 and 463,793 square meters respectively, according to Uwin.
With tightening policies coming one after another -- increased down payment for second-home buyers, suspension of third-home purchases, property tax trials in Chongqing and Shanghai, and interest rate hikes -- home sales in the next few months are expected to drop notably and housing prices are likely to "correct" a bit to boost demand, Lu predicted.
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