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New home sales decline for 4th month
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NEW home sales in Shanghai fell for the fourth straight month in January as buying sentiment was hurt by expanded property curbs unveiled in the last quarter of 2013.
The purchases of new homes, excluding government-funded affordable housing, dropped 27.6 percent from December to 708,900 square meters last month, extending a losing streak since October, Shanghai Uwin Real Estate Information Services Co said in a report.
The transaction volume fell 29.6 percent year on year, Uwin data showed.
“Both the monthly and yearly decline was quite phenomenal to me, indicating that the government’s latest tightening measures were beginning to take effect,” said Huang Zhijian, chief analyst at Uwin.
More homeseekers chose to sit on the sidelines for a while as they were uncertain about which way the market would go after the government widened the curbs, he said.
In November, Shanghai unveiled measures to slow the fast-rising home prices. The measures included raising the minimum down payment for second-home buyers from 60 percent to 70 percent as well as further raising the threshold for non-locals who want to buy a property in the city.
The average cost of new homes added 0.76 percent from a month earlier to 25,651 yuan (US$4,230) per square meter.
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