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Sales of new homes climb to record
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SALES of new homes rose to a record in Shanghai last week as buyers rushed to complete their purchases ahead of local measures to cool the market.
The area of new homes sold, excluding government-subsidized affordable housing, jumped 48 percent week on week to 717,000 square meters during the seven-day period ended on Sunday, Shanghai Centaline Property Consultants Ltd said in a report released yesterday.
“That was the highest weekly volume registered in the city so far and about twice the average seven-day volume,” said Lu Wenxi, a senior manager of research at Centaline.
But he warned that the latest austerity measures will “leave a significant impact particularly on the demand side,” which is likely to see subdued home-buying sentiment and “lead to a drop in transaction volumes.”
The mean cost of these new homes rose 6.7 percent to 34,084 yuan (US$5,254) per square meter, the first rebound in four weeks, according to Centaline data.
The outlying Jiading District led all areas with about 110,000 square meters of new homes sold last week.
Shanghai saw 297,000 square meters of new homes released in the city, a week-on-week surge of 54.7 percent and also the highest seven-day volume registered so far this year, according to Centaline data.
Last Friday, Shanghai unveiled measures to cool the city’s overheated housing market. They include a higher minimum down payment for second-home buyers.
Another measure is raising the eligibility threshold for non-local residents to buy a house by requiring them to provide tax or social insurance certificates confirming that they have stayed in the city for over five straight years. Previously, they would be entitled to buy a home after a stay of 24 months accumulated over a three-year period.
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