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New home sales rise to 6-week high
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Strong sentiment in the mid- to low-end housing segment lifted new home sales in Shanghai to a six-week high, latest market data showed.
The purchases of new homes, excluding government-subsidized affordable housing, rose 8.2 percent week on week to 406,600 square meters during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said in a report released yesterday.
“It’s a little bit surprising to see the weekly volume exceed the 400,000 square-meter threshold in early November after strong home sales were registered in September and October,” said Lu Qilin, a Deovolente researcher. “Notably, mid- to low-end projects seemed very popular among home buyers.”
The average cost of a new home fell 4.4 percent to 24,405 yuan (US$4,000) per square meter in Shanghai last week, the first time in four weeks that it has fallen below the threshold of 25,000 yuan per square meter, the report said. Half of the city’s 10 best-selling projects were sold under 20,000 yuan per square meter.
The city saw 493,200 square meters of new homes released last week, a week over week jump of 16.8 percent.
But Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co, said “the current strong momentum may probably ease over the next couple of weeks” because the local government last week unveiled new tightening policies to cool the overheated market, which include bigger down payment for second home buyers and a higher threshold for non-locals to qualify for home purchase in Shanghai.
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