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Spring Festival lulls local housing market
By Cherry Cao |
February 18, 2013, Monday
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Online Edition
Online Edition
NEW home sales in Shanghai plunged last week as the Spring Festival holiday kept potential buyers away from the market, industry data showed.
Sales of new homes, excluding government-subsidized affordable housing, fell 79 percent week on week to 23,500 square meters in the 7-day period ended on Sunday, according to Shanghai Uwin Real Estate Information Services Co.
The average price of new homes declined 7.8 percent to 22,412 yuan (US$3,568) per square meter, Uwin said.
"New home sales totaled about 225,000 square meters so far this month. If such a pace can be maintained, the February sales is expected to reach 410,000 square meters, less than half of that in January," said Huang Zhijian, chief analyst at Uwin.
A total of 43,500 square meters of new properties were released to the local housing market in the past four weeks, according to Uwin. That compares with an average supply of 173,800 square meters per week during the past 12 months.
Inadequate supply, particularly of mid-range and low-end apartments, is not only slowing the sales but also raising the prices, Huang said.
A separate research by Shanghai Deovolente Realty Co showed that new home sales during the 7-day Spring Festival holiday totaled 4,641 square meters in Shanghai, up 165 percent from a year before, also the highest in four years.
Sales of new homes, excluding government-subsidized affordable housing, fell 79 percent week on week to 23,500 square meters in the 7-day period ended on Sunday, according to Shanghai Uwin Real Estate Information Services Co.
The average price of new homes declined 7.8 percent to 22,412 yuan (US$3,568) per square meter, Uwin said.
"New home sales totaled about 225,000 square meters so far this month. If such a pace can be maintained, the February sales is expected to reach 410,000 square meters, less than half of that in January," said Huang Zhijian, chief analyst at Uwin.
A total of 43,500 square meters of new properties were released to the local housing market in the past four weeks, according to Uwin. That compares with an average supply of 173,800 square meters per week during the past 12 months.
Inadequate supply, particularly of mid-range and low-end apartments, is not only slowing the sales but also raising the prices, Huang said.
A separate research by Shanghai Deovolente Realty Co showed that new home sales during the 7-day Spring Festival holiday totaled 4,641 square meters in Shanghai, up 165 percent from a year before, also the highest in four years.
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