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Measures hit sales of pre-owned homes
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SALES of pre-owned houses plunged in Shanghai in April as the local government’s tightening measures curbed interest among home buyers.
Sales of these houses dived 65.8 percent from March to around 17,700 units last month, Shanghai Homelink Real Estate Agency Co said in a report released yesterday. The figure was even below February’s, a low month for property sales due to the Spring Festival holiday, when some 28,000 units of pre-owned homes were sold across the city.
“April’s figure was the lowest in a year, evidence of the increasing ‘wait-and-see’ sentiment among buyers after the implementation of tightening policies to cool the overheated market,” said Lu Qilin, director of research at Shanghai Homelink.
“In particular, outlying districts suffered the most notable setbacks compared with their more centrally located counterparts.”
The city’s Songjiang and Minhang districts saw the largest drops — both over 70 percent month on month — in the area of pre-owned houses sold.
These pre-owned houses were sold for an average of 26,035 yuan (US$4,000) per square meter, a month-on-month decline of 2.4 percent, according to Homelink data.
Shanghai’s existing housing index, which monitors monthly price changes across 130 areas in the city, rose 2.08 percent from March to 3,559 in April, the Shanghai Existing House Index Office said in a separate report yesterday. That compared with a 3.44 percent gain in March.
The prices of pre-owned houses rose in 99 areas, fell in 18 areas, and were flat in the remaining 13 areas.
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