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Shanghai’s pre-owned homes hit record year
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SHANGHAI’S pre-owned housing market notched a record year in 2015 for volume and price as favorable government policies sparked a huge demand from buyers.
Sales of pre-owned houses jumped 89 percent from 2014 to 337,300 units last year, while the average cost rose 17.8 percent year on year to 25,100 yuan (US$3,830) per square meter, both records in the city, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
In December, 34,600 units of pre-owned houses changed hands across the city, staying above the 30,000-unit threshold for the ninth straight month despite a slight retreat from November’s sales of 35,700 units, Homelink data showed.
“The red-hot existing housing market was mainly a result of favorable government policies which include easier mortgage policies and continuous interest rates cuts,” said Zhao Baogen, a researcher at Homelink.
Zhao said the city’s pre-owned housing market has huge potential because limited plots of land “are hindering the fast development of new residential properties.”
The Pudong New Area, Baoshan and Jing’an districts saw the most notable growth, where sales of pre-owned houses surged 130 percent, 120 percent and 116 percent, respectively, from 2014, according to Homelink data.
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