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New home sales drop sharply but remain above threshold
By Cherry Cao |
March 26, 2013, Tuesday
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Print Edition
Print Edition
NEW home sales in Shanghai fell notably last week but still stayed above the 300,000 square-meter threshold.
Excluding government-subsidized affordable housing, sales tumbled 23.8 percent from the previous week to 300,900 square meters, Shanghai Uwin Real Estate Information Services Co said yesterday.
"Despite the notable drop, weekly sales of new homes remained above 300,000 square meters for the third straight week, indicating rather strong momentum among home seekers," said Huang Zhijian, chief analyst at Uwin. "However, with the upcoming implementation of a 20-percent capital gains tax, sentiment may fall as 'panic buying' comes to an end."
As of Sunday, 1.1 million square meters of new homes were sold in Shanghai, according to Uwin data.
If that pace continues for another week, the transactions in March will hit 1.43 million square meters, and a monthly record since 2010, he said.
The average cost of the new homes climbed 3.9 percent from the previous seven-day period to 23,421 yuan (US$ 3,730) per square meter.
Half of the city's 10 most sought-after projects cost above 25,000 yuan per square meter, compared to a week earlier when eight of the 10 best-selling developments were sold for under 20,000 yuan a square meter.
About 452,000 square meters of new homes, all apartments, were released locally, a weekly surge of 274 percent.
Huang Hetao, a research manager with Century 21 China Real Estate, expects good sales from the housing projects located in the city's suburban areas and targeting owner-occupiers amid "continued robust demand from end-users."
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