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New home sales in Shanghai dive 54%
By Cao Qian |
March 2, 2010, Tuesday
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Print Edition
Print Edition
NEW home sales in Shanghai plunged more than 50 percent in February, its second consecutive month of decline, as sluggish sentiment continued to prevail among buyers while average prices remained almost flat despite record low transaction volume.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, plunged 54 percent last month from January to 320,000 square meters, the lowest monthly volume registered by Shanghai Uwin Real Estate Information Services Co since it began to track the local market in 2005.
The February drop followed a monthly tumble of 51 percent in January when about 700,000 square meters of new homes were sold across the city.
Average prices, however, were stable at 19,696 yuan (US$2,883) per square meter, a dip of 1.3 percent from January.
"Policies implemented by the government to curb speculation in the overheated real estate market, traditional slack momentum during the Spring Festival as well as growing wait-and-see sentiment among buyers dragged the city's monthly volume to a record low although they didn't impact the housing prices," said Lu Qilin, a researcher at Uwin.
"The slight fall in average prices was mainly due to most new homes sold over the past month being located in remote areas."
The volume of new homes located beyond the Outer Ring Road more than doubled in the city in February and accounted for 28 percent of the total sold during the month, an increase of 16 percentage points from January.
The supply of new homes continued to tumble as only 220,000 square meters were introduced to the local market last month, a sharp drop of 70 percent from January.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, plunged 54 percent last month from January to 320,000 square meters, the lowest monthly volume registered by Shanghai Uwin Real Estate Information Services Co since it began to track the local market in 2005.
The February drop followed a monthly tumble of 51 percent in January when about 700,000 square meters of new homes were sold across the city.
Average prices, however, were stable at 19,696 yuan (US$2,883) per square meter, a dip of 1.3 percent from January.
"Policies implemented by the government to curb speculation in the overheated real estate market, traditional slack momentum during the Spring Festival as well as growing wait-and-see sentiment among buyers dragged the city's monthly volume to a record low although they didn't impact the housing prices," said Lu Qilin, a researcher at Uwin.
"The slight fall in average prices was mainly due to most new homes sold over the past month being located in remote areas."
The volume of new homes located beyond the Outer Ring Road more than doubled in the city in February and accounted for 28 percent of the total sold during the month, an increase of 16 percentage points from January.
The supply of new homes continued to tumble as only 220,000 square meters were introduced to the local market last month, a sharp drop of 70 percent from January.
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