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Sales of new homes halve in February
By Cao Qian |
March 1, 2010, Monday
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Online Edition
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NEW home sales halved in Shanghai in February during the holiday season while the average price remained almost unchanged despite a record low transaction volume.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment, plunged 54 percent from January to 320,000 square meters, the lowest monthly volume registered by Shanghai Uwin Real Estate Information Services Co since it began to track the local market in 2005.
The February drop was the second retreat of more than 50 percent this year. In January, about 700,000 square meters of new homes were sold across the city, a dive of 51 percent from December 2009.
The average price, however, maintained stable at 19,696 yuan (US$2,883) per square meter, a dip of 1.3 percent from a month earlier.
"Policies implemented by the government to curb speculation in the overheated real estate market, traditional slack momentum during the Spring Festival, as well as growing wait-and-see sentiment among buyers, dragged the city's monthly volume to a record low though it didn't have any impact on the housing price,'' said Lu Qilin, a researcher at Uwin. "The slight dip in average price was mainly caused by the fact that most new homes sold over the past month were located in more remote areas."
Sales of new homes beyond the Outer Ring Road more than doubled in February and accounted for 28 percent of the total sold during the month, an increase of 16 percentage points from January.
In the meantime, new home supply continued to tumble. Only 220,000 square meters of new houses were introduced to the local market last month, down 70 percent from January.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment, plunged 54 percent from January to 320,000 square meters, the lowest monthly volume registered by Shanghai Uwin Real Estate Information Services Co since it began to track the local market in 2005.
The February drop was the second retreat of more than 50 percent this year. In January, about 700,000 square meters of new homes were sold across the city, a dive of 51 percent from December 2009.
The average price, however, maintained stable at 19,696 yuan (US$2,883) per square meter, a dip of 1.3 percent from a month earlier.
"Policies implemented by the government to curb speculation in the overheated real estate market, traditional slack momentum during the Spring Festival, as well as growing wait-and-see sentiment among buyers, dragged the city's monthly volume to a record low though it didn't have any impact on the housing price,'' said Lu Qilin, a researcher at Uwin. "The slight dip in average price was mainly caused by the fact that most new homes sold over the past month were located in more remote areas."
Sales of new homes beyond the Outer Ring Road more than doubled in February and accounted for 28 percent of the total sold during the month, an increase of 16 percentage points from January.
In the meantime, new home supply continued to tumble. Only 220,000 square meters of new houses were introduced to the local market last month, down 70 percent from January.
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