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New home sales seen up, price rise fair
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TRANSACTIONS involving new homes in Shanghai are set to exceed 10 million square meters this year while prices are expected to rise moderately from a year ago, global property services provider DTZ said.
“We expect to see new home sales rise from 9.47 million square meters in 2014, with buyers’ momentum continuing to recover over the next couple of months amid positive signals from the government,” said Jenny Wu, director of residential sales for east China operations at DTZ.
“The average price for mid- to low-end homes could gain 10 percent for the whole year while the increase in the high-end segment might be between 5 and 8 percent during the 12-month period.”
Transactions of new houses costing above 50,000 yuan (US$8,064) per square meter rose 24 percent to nearly 200,000 square meters in Shanghai between January and March. The average cost of the luxury homes gained 9.3 percent annually to 69,000 yuan per square meter.
In the first quarter 746 new homes costing over 10 million yuan each were sold, up 48 percent annually, according to DTZ. Comparatively, the city’s overall new home sales in the first three months totaled 1.89 million square meters, down 8.1 percent yearly, DTZ said.
In a move to boost sales, the central government recently eased mortgage policies for second-time buyers and cut the minimum down payment for first-time buyers using housing provident funds while the Shanghai Housing Provident Fund Management Center raised the ceiling on mortgages.
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