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Revised criteria lift new home sales
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HOUSING transactions in Shanghai soared last week due to the revised criteria for “normal” homes, while the average new home price surged to a 41-week high on robust sales of mid- to high-end homes, according to latest market data.
The purchases of new homes, excluding government-subsidized affordable housing, jumped 25.9 percent week on week to 216,100 square meters, Shanghai Deovolente Realty Co said in a report released yesterday.
“New home transactions rebounded notably after the announcement of the new criteria, a latest government move to help more buyers qualify for preferential policies,” said Lu Qilin, a researcher at Deovolente.
“We expect buyers’ sentiment to continue to rise over the coming months which will trim local new housing inventory at a faster rate.”
The city’s housing authority said last week that a flat within the Inner Ring Road costing under 4.5 million yuan (US$734,000) will be defined as normal housing effective from Thursday, compared with the current cap of 3.3 million yuan. Between the Inner and Outer Ring roads, the price cap will be 3.1 million yuan from 2 million yuan, and beyond the Outer Ring Road it will be 2.3 million yuan from 1.6 million yuan.
The average price of new homes, meanwhile, surged 14.5 percent from the previous week to 30,178 yuan per square meter during the seven-day period ended on Sunday, the highest in 41 weeks, according to the report.
About 80,000 square meters of new homes were sold last week at 30,000 yuan per square meter and above, accounting for 37 percent of the city’s total transactions during the period. The percentage climbed notably from 28.3 percent registered a week earlier.
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