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Shanghai sees surge in sales of new homes
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New home sales in Shanghai surged strongly last week but still a wait-and-see attitude lingered among home seekers, latest market data showed.
The purchases of new homes, excluding government-subsidized affordable housing, totaled 101,900 square meters during the seven-day period ended Sunday, a weekly surge of 247 percent, according to a report released yesterday by Shanghai Uwin Real Estate Information Services Co.
“Slack momentum still dominated the local housing market despite the surge as the Spring Festival holiday came to an end,” said Huang Zhijian, chief analyst at Uwin.
“The canceling of mortgage rate discounts by many commercial banks as well as tightened lending for mortgage applicants are having a negative impact on the housing market.”
In the first 16 days of February, 131,300 square meters of new homes were sold in Shanghai, according to Uwin data. Comparatively, an average 237,900 square meters of new houses were sold across the city every week during the past 12 months.
The average cost of new homes climbed 4.3 percent from the previous week to 26,317 yuan (US$4,350) per square meter amid robust demand for high-end properties.
About 50,800 square meters of new houses were released into the local market last week, a week-on-week decrease of 53.7 percent.
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