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Slower new home sales expected until after Spring Festival, researchers say
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NEW home sales stayed below the 200,000-square-meter threshold for the second straight week in Shanghai, further evidence of a cooling of sentiment among buyers as the year approaches its end.
The purchases of new residential properties, excluding government-subsidized affordable housing, edged up 0.22 percent from the previous week to 198,500 square meters during the seven-day period ended Sunday, Shanghai Deovolente Realty Co said in a report released today.
"Weak momentum extended for another week as 'wait-and-see' sentiment continues to prevail in the local market after robust sales registered over the past few months," said Lu Qilin, a Deovolente researcher. "We don't expect any notable rebound in volume until after the Spring Festival which will fall in one and a half months."
Transactions of new homes totaled 420,000 square meters in the city in the first 15 days of December, a drop of 40 percent from same period a month earlier, according to Deovolente data.
Despite sluggish sales, average price rose 6.8 percent week-on-week to 27,245 yuan a square meter (US$4,466), fueled by a strong appetite for a few luxury projects.
Two of the 10 best-selling projects, for instance, fetched a price of more than 50,000 yuan per square meter, Deovolente data showed, with Rose Garden, a Greentown development in Maqiao, Minhang District, seeing three stand-alone villas -- with an average size of around 1,000 square meters -- sold at 93,320 yuan per square meter on average.
On the supply side, about 181,600 square meters of new houses were released to the local market last month, a weekly rise of 36 percent.
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