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New home sales tumble to 2-month low on stricter ban
By Cao Qian |
August 9, 2011, Tuesday
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Print Edition
Print Edition
NEW home sales plunged to a nearly two-month low in Shanghai last week because a ban on home purchases by buyers from outside the city was more strictly enforced.
Sales of new residential properties, excluding affordable housing, tumbled nearly 48 percent from a week earlier to 121,000 square meters during the seven-day period ended Sunday, the lowest weekly volume registered since mid June. They were sold for an average 22,400 yuan (US$3,483) per square meter, a weekly increase of 4.2 percent, Shanghai Deovolente Realty Co said yesterday.
"The latest tightening policy on home purchases by non-local buyers had cut new home transactions over the past week as it signaled a clear intent of the local government's unwavering determination to curb housing speculation," said Lu Qilin, a researcher with Deovolente Realty.
Shanghai announced late last month it would enforce more strictly its existing home-purchase ban on buyers without local residency permits across the city. Buyers from out of town who fail to present tax or social insurance certificates to prove they have resided in the city for a cumulative 12 months over the past two years will all be banned from buying homes.
Previously a significant number of these buyers bypassed the ban and got the certificates by paying "overdue" taxes for 12 months to local tax bureaus in one payment. Under the latest rule, such payment will not qualify them to buy homes.
While buying sentiment may remain weak in the city several real estate developers are also not prepared to trim prices.
"We have confidence in our products and we don't intend to discount prices at the moment," Judy Fei, a sales manager at Peninsular Villa, a high-end villa and apartment development that's only a few minutes' drive to the planned Disneyland site, told Shanghai Daily yesterday in a phone interview.
Red Dragonfly, developer of the project, is pricing its decorated apartments at an average 29,000 yuan to 35,000 yuan per square meter after it sold half of its villas.
Sales of new residential properties, excluding affordable housing, tumbled nearly 48 percent from a week earlier to 121,000 square meters during the seven-day period ended Sunday, the lowest weekly volume registered since mid June. They were sold for an average 22,400 yuan (US$3,483) per square meter, a weekly increase of 4.2 percent, Shanghai Deovolente Realty Co said yesterday.
"The latest tightening policy on home purchases by non-local buyers had cut new home transactions over the past week as it signaled a clear intent of the local government's unwavering determination to curb housing speculation," said Lu Qilin, a researcher with Deovolente Realty.
Shanghai announced late last month it would enforce more strictly its existing home-purchase ban on buyers without local residency permits across the city. Buyers from out of town who fail to present tax or social insurance certificates to prove they have resided in the city for a cumulative 12 months over the past two years will all be banned from buying homes.
Previously a significant number of these buyers bypassed the ban and got the certificates by paying "overdue" taxes for 12 months to local tax bureaus in one payment. Under the latest rule, such payment will not qualify them to buy homes.
While buying sentiment may remain weak in the city several real estate developers are also not prepared to trim prices.
"We have confidence in our products and we don't intend to discount prices at the moment," Judy Fei, a sales manager at Peninsular Villa, a high-end villa and apartment development that's only a few minutes' drive to the planned Disneyland site, told Shanghai Daily yesterday in a phone interview.
Red Dragonfly, developer of the project, is pricing its decorated apartments at an average 29,000 yuan to 35,000 yuan per square meter after it sold half of its villas.
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