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Shanghai鈥檚 new home sales shrink
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NEW home sales in Shanghai fell nearly 35 percent in the first quarter of this year from the same period in 2013 by volume and value amid tighter credit and buyers’ wait-and-see stance, the city’s statistics bureau said yesterday.
Between January and March, 2.01 million square meters of new homes, excluding government-subsidized affordable housing, were bought — a year-on-year drop of 34.8 percent, the bureau said in a statement posted on its website. They were bought for 51.29 billion yuan (US$8.2 billion), down 29.3 percent.
Price rise slowed month by month in the quarter. The average cost of new homes climbed 20.9 percent in January, 18.7 percent in February and 15.5 percent in March, the bureau said.
“Tighter credit and increasing market uncertainty have pushed some homebuyers to the sidelines until the market directions become clearer,” said James Macdonald, head of research at Savills China. “Stricter mortgage conditions are expected to reduce some end-user demand.”
Mortgages in Shanghai rose slowly for the third straight month in March, the Shanghai headquarters of the People’s Bank of China said last week. Banks extended 5.25 billion yuan of home loans last month, down by 440 million yuan from February, the central bank said.
But the luxury housing segment seemed to buck the trend, a research by Shanghai Deovolente Realty Co showed.
In the first three months of this year, 157,800 square meters of new houses costing above 50,000 yuan per square meter each were sold, up from 105,900 square meters a year earlier. The average price fell to 63,228 yuan per square meter during the quarter, from 67,790 yuan per square meter in the first quarter of 2013, according to Deovolente data.
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