Shanghai’s pre-owned housing market remains lackluster

By Cherry Cao | March 6, 2017, Monday |

Online Edition

PURCHASES of pre-owned homes remained below the 10,000-unit threshold in Shanghai for the second straight month in February with no sign for a major recovery soon, latest market data suggest.

Around the city, some 9,600 units of pre-occupied houses changed hands last month, a rise of 2.4 percent from January and a year-on-year plunge of 64.1 percent, according to data released by Shanghai Centaline Property Consultants Co, a major realty chain in the country.

"As rein-in policies remain strictly implemented, weakness extended further in the market last month as expected," said Lu Wenxi, a senior manager of research at Centaline. "Neither individual owners nor home seekers seemed willing to make further compromise over prices and a discount of between 3 and 5 percent, which is prevalent in the local market at the moment, seemed just not enough of an incentive to lure buyers."

While the first two months of a year usually don't record robust property sales mainly because of the Spring Festival holiday, the start of this year was indeed very sluggish with transaction of existing homes between January and February accounting for only 30 percent of the volume registered during the same period of 2016, Shanghai Homelink Real Estate Agency Co said in a separate report released yesterday.

Real Estate

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Shanghai’s pre-owned housing market remains lackluster

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