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December 9, 2014

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Solid sentiment despite drop in new home sales

STRONG sentiment among home buyers and property developers continued in Shanghai in the first week of December despite a drop in sales volume, according to latest market data.

The purchases of new homes, excluding government-funded affordable housing, fell 18.7 percent from the previous seven-day period to 260,100 square meters, but they stayed above the 200,000-square-meter threshold for the fourth straight week, Shanghai Deovolente Realty Co said in a report released yesterday.

“Despite the drop, the weekly volume was still quite good for this time of the year,” said Lu Qilin, a Deovolente researcher.

A series of measures introduced in the past two months by the central and local governments have successfully boosted morale in the market.

Lu also attributed the sales volume to an increasing supply of new homes.

Around 524,100 square meters of new homes were released locally last week, up 21.7 percent weekly and also the highest weekly volume posted in more than four years, according to Deovolente data.

As of yesterday, new homes available for sale hovered above 13 million square meters, according to, the city’s official real estate information website.

In the six months ended on November 30, new homes totaling 4.96 million square meters were sold in Shanghai.

“It is possible for December to become the best performing month of this year if the current pace of sales can be kept” if developers do not raise prices amid high inventory, said Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co.


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