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Measures damp new home sales
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NEW home purchases fell in Shanghai last week as buyers continued to wait and see after the city government implemented measures to cool the overheated market.
The area of new homes sold, excluding government-funded affordable housing, plunged 60.4 percent from a week earlier to 284,000 square meters during the seven-day period ended on Sunday, Shanghai Centaline Property Consultants Ltd said in a report released yesterday.
“The latest batch of tightening policies began to take effect as expected while the three-day Qingming Festival holiday also damped buyers’ interest,” said Lu Wenxi, a senior manager of research at Shanghai Centaline.
“However, the daily transaction volume stayed at 40,000-50,000 square meters on working days and that was quite a normal level.”
The mean cost of new houses fell 3.4 percent week on week to 32,916 yuan (US$5,086) per square meter as home seekers continued to seek medium to low-end projects.
On March 25, Shanghai unveiled measures to cool the city’s overheated real estate market, which include a higher minimum down payment for second-home buyers and a higher eligibility threshold for non-local residents to buy a house.
“The weekly transaction volume is set to drop further this week, possibly hovering around 200,000 square meters,” said Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co. “In terms of price, however, no notable drop should be expected at least in the short haul.”
Only one project among the city’s 10 most popular developments costs an average price of more than 50,000 yuan per square meter. Seven of them were sold for no more than 27,000 yuan per square meter, according to Centaline data.
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