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January 14, 2017

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Pre-owned home sales post faster drop

SALES of pre-owned homes fell at a faster pace in Shanghai last month as the latest tightening measures continued to bite.

Some 13,580 units of such homes changed hands in December, a month-on-month decrease of 32.4 percent. The drop was more rapid compared with a 21.7 percent decline in November, according to data compiled by Shanghai Centaline Property Consultants Co.

“The latest tightening measures introduced on November 28 could have reduced the number of potential buyers by more than 50 percent, while the others chose to take a wait-and-see attitude despite price discounts offered by home owners,” said Lu Wenxi, a senior manager of research at Centaline.

“The downward trend will surely continue through the end of this month, and it is early to say if there might be a rebound after the Spring Festival holiday.”

Many individual home owners are now offering a discount of between 5 and 6 percent and around 8 percent for high-end and luxury units to lure buyers, according to Centaline.

Considered the toughest ever implemented in the city, Shanghai raised the down payment for first-time buyers from 30 percent to 35 percent and levied a stricter definition of second-time buyers who have to pay a minimum 50 percent or 70 percent down payment.

Shanghai’s existing housing index, which tracks monthly price changes in 130 areas, decreased 0.21 percent to 3,996 in December, the first monthly decline in over two years, the Shanghai Existing House Index Office said earlier.


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