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Low point for new home sales
By Cao Qian |
August 16, 2011, Tuesday
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Print Edition
Print Edition
NEW home sales dived to a nearly five-month low in Shanghai last week as buying sentiment was almost frozen due to ever-tightening credit as well as stubbornly high property prices.
For the second straight week, sales of new homes, excluding affordable housing, dropped 19.4 percent from a week earlier to 97,500 square meters, according to data released by Shanghai Deovolente Realty Co yesterday. They were sold at an average 21,800 yuan (US$3,411) per square meter, a fall of 2.4 percent from the previous seven-day period.
"It was the first time since mid-March that the weekly transaction volume fell below the 100,000-square-meter barrier again," said Lu Qilin, a researcher at Deovolente. "Housing markets from premier to low-end all suffered notable declines, probably as a result of stringent policies as well as stubbornly high prices."
Across the city, only 5,100 square meters of luxury properties that cost more than 50,000 yuan per square meter were sold between August 8 and Sunday, a drop of 23.9 percent from a week earlier.
On the supply side, seven new residential projects received government approval for sale last week, adding a total of 168,500 square meters of space to the city's housing market, a weekly surge of 166.7 percent, according to the data.
"The city government's latest tightening (measures) on home purchases by non-local buyers continued to be effective," said Huang Zhijian, chief researcher at Shanghai Uwin Real Estate Information Services Co.
The city has seen weekly average sales of new homes of 198,500 square meters this year while the weekly average price hit 22,152 yuan per square meter, Uwin data showed.
For the second straight week, sales of new homes, excluding affordable housing, dropped 19.4 percent from a week earlier to 97,500 square meters, according to data released by Shanghai Deovolente Realty Co yesterday. They were sold at an average 21,800 yuan (US$3,411) per square meter, a fall of 2.4 percent from the previous seven-day period.
"It was the first time since mid-March that the weekly transaction volume fell below the 100,000-square-meter barrier again," said Lu Qilin, a researcher at Deovolente. "Housing markets from premier to low-end all suffered notable declines, probably as a result of stringent policies as well as stubbornly high prices."
Across the city, only 5,100 square meters of luxury properties that cost more than 50,000 yuan per square meter were sold between August 8 and Sunday, a drop of 23.9 percent from a week earlier.
On the supply side, seven new residential projects received government approval for sale last week, adding a total of 168,500 square meters of space to the city's housing market, a weekly surge of 166.7 percent, according to the data.
"The city government's latest tightening (measures) on home purchases by non-local buyers continued to be effective," said Huang Zhijian, chief researcher at Shanghai Uwin Real Estate Information Services Co.
The city has seen weekly average sales of new homes of 198,500 square meters this year while the weekly average price hit 22,152 yuan per square meter, Uwin data showed.
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