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Shanghai’s housing market to be stable
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SHANGHAI’S housing market will be generally stable in 2017 but sales are likely to be subdued due to strictly-enforced policies to curb speculation.
In the first three months of this year, about 1.3 million square meters of new homes were sold across the city, a plunge of 68.7 percent from the same period a year earlier, Cushman & Wakefield said in a report yesterday.
These new homes were sold for an average 47,335 yuan (US$6,865) per square meter, up 6 percent from the previous quarter and an annual surge of 35.5 percent.
“The city’s housing market is entering a period of correction this year with little room for policy relaxation,” said Jenny Wu, senior director and head of residential for Cushman & Wakefield’s east China operations.
“Further rein-in measures are also possible if home prices continue to head north,” she added.
More than 1.03 million square meters of new houses were released locally in the January-March period, little changed from 1.04 million square meters during same period a year ago.
New home sales within the city’s Inner Ring Road dived 80.5 percent from a year earlier to 465 units in the first quarter of this year as new supply plunged 97 percent.
Between the Inner and Middle Ring roads, sales of new homes fell 32.9 percent year on year to 858 units in the quarter although new supply increased 34.5 percent from a year earlier.
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