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New home sales at 51-week high
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SALES of new homes in Shanghai surged to the highest in nearly a year last week as home-buying sentiment improved due to favorable central bank measures, industry data showed yesterday.
The purchases of new homes, excluding government-funded affordable housing, rose 25 percent from the previous week to 334,900 square meters, or a 51-week high, Shanghai Uwin Real Estate Information Services Co said in a report.
“It was the fourth consecutive week that seven-day sales remained above 240,000 square meters as sentiment improved among home seekers after an earlier central bank announcement of a cut in mortgage rates and minimum down payment for some buyers,” said Huang Zhijian, chief analyst at Uwin.
Buyers who own a home and had paid off their mortgage will be considered first-home buyers and enjoy discounted mortgage rates of up to 30 percent off the benchmark lending rate, the People’s Bank of China said on September 30. The new rule for down payments is that all first-home buyers can pay as little as 30 percent of the total price.
The average cost of the new homes rose 7.2 percent week over week to 28,436 yuan (US$4,647) per square meter, Uwin data showed.
Last week’s spike also helped boost October sales to 1.09 million square meters to register as the highest monthly volume so far this year, according to Uwin. The sales surged 42.5 percent from September though they fell 22 percent year on year.
Lu Qilin, director of research at Shanghai Deovolente Realty Co, said: “We expect sales to continue to rise while a price hike is unlikely, mainly due to the high level of inventories.”
As of yesterday, there were more than 12.5 million square meters of new homes for sale in Shanghai, according to the city’s official real estate website fangdi.com.
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