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Policies push home sales to high
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SENTIMENT among home buyers surged to an 11-year high in Shanghai last month as they rushed to complete their purchases ahead of the city government unveiling policies to cool the market.
The area of new homes sold, excluding government-subsidized affordable housing, jumped 184 percent from a year earlier to 2.21 million square meters in March, the highest monthly volume since April 2015, Shanghai Homelink Real Estate Agency Co said in a report yesterday.
“Home buying sentiment surged to the highest on March 24, one day prior to the official launch of tightening measures by the city government,” said Lu Qilin, director of research at Shanghai Homelink.
“The latest measures, harsher than most analysts had expected, would probably trigger a wait-and-see sentiment among potential buyers and therefore affect transaction volume in the coming months while home prices are likely to remain stable.”
The average cost of new homes dropped 9.1 percent from February to 33,065 yuan (US$5,106) per square meter.
On March 25, Shanghai unveiled tightening measures to cool the city’s overheated real estate market, which include a higher minimum down payment for second-home buyers and a higher eligibility threshold for non-local residents to buy a house.
About 864,000 square meters of new houses were released to the local market last month, a surge of 457 percent from February, Shanghai Centaline Property Consultants Ltd said in a separate report.
China’s housing prices continue fast rise
Home prices in China continued to rise faster in March, the China Index Academy said yesterday.
The mean cost of a home rose 1.9 percent to 11,303 yuan (US$1,745) per square meter from a month earlier, after gaining 0.6 percent in February and 0.42 percent in January, said the academy, which studied market activity in 100 Chinese cities.
Home prices gained in 60 cities, fell in 38 cities and were flat in two. Among the gainers, 26 cities saw a month-on-month rise of more than 1 percent in March, compared with 22 cities in February.
The largest gain of 6.72 percent was recorded in Dongguan in Guangdong Province, followed by Huizhou and Suzhou.
Shanghai, where home prices rose 5.1 percent from February, ranked No. 5, the academy said.
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