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Pre-owned home sales soar 167%
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ROBUST sentiment among home seekers pushed sales of pre-owned homes to more than double in Shanghai in February year on year, market data showed yesterday.
Around 26,000 units of pre-owned houses were sold in the city last month, a year-on-year surge of 167 percent, Shanghai Homelink Real Estate Agency Co said in a report. But on a month-on-month basis, the sales slumped 39.2 percent from January.
“The figure was a historic high for February which is the traditional low season for property sales due to the weeklong Chinese New Year holiday,” said Lu Qilin, director of research at Homelink.
“An inadequate supply and preferential deed tax rates introduced by the central government triggered panic buying as individual owners kept raising their asking prices.”
These pre-owned houses were sold for an average 26,000 yuan (US$3,989) per square meter, below January’s 27,400 yuan per square meter which was an all-time high in Shanghai.
The city’s existing housing index, which tracks monthly price changes, jumped 3.46 percent from January to 3,366 in February, the fastest pace since November 2007, the Shanghai Existing House Index Office said in a separate report released earlier.
The most costly pre-owned house — a Sun Hung Kai Properties project — sold in Shanghai so far this year was a 600-square-meter duplex on downtown Xiangyang Road S. for 144 million yuan, or 241,800 yuan per square meter, last month.
The prices of pre-owned houses rose in 116 of the 130 areas monitored. They fell in seven areas and were flat in the remaining seven areas.
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