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Sentiment for new home sales cools
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NEW home sales in Shanghai stayed below 200,000 square meters for the second straight week as buying sentiment continued to cool as the year-end approaches.
The purchases of new homes, excluding government-subsidized affordable housing, edged up 0.22 percent from the previous week to 198,500 square meters during the seven-day period ended Sunday, Shanghai Deovolente Realty Co said in a report released yesterday.
“Weak momentum extended for another week as a ‘wait-and-see’ sentiment continues to prevail in the local market after robust sales over the past few months,” said Lu Qilin, a Deovolente researcher. “We don’t expect any notable rebound in volume until after the Spring Festival which will fall in one-and-a-half months.”
The first 15 days of this month saw 420,000 square meters of new homes transacted, down 40 percent from the same period a month earlier, according to Deovolente.
Despite sluggish sales, the average price rose 6.8 percent week on week to 27,245 yuan (US$4,466) a square meter, fuelled by strong appetite for some luxury projects.
Units in two of the 10 best-selling projects were sold at over 50,000 yuan per square meter, Deovolente data showed. Rose Gardern in Minhang District sold three 1,000 square-meter villas at 93,320 yuan per square meter each on average.
About 181,600 square meters of new houses were released locally last month, up 36 percent weekly.
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