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Strong sales but still disappointing
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A significant rebound in buying sentiment during the last week of September helped boost monthly transactions to this year’s second-highest but the sales were still far from satisfactory for this time of the year, latest industry data showed.
The purchases of new homes, excluding government-subsidized affordable housing, totaled 765,900 square meters in Shanghai last month, up 17.1 percent from August and an annual drop of 45.9 percent, Shanghai Uwin Real Estate Information Services Co said in a report.
“However, the volume was not as good as expected particularly concerning an abundant supply of over 1.3 million square meters during the same period,” said Huang Zhijian, chief analyst at Uwin.
About 1.31 million square meters of new homes were released locally last month, a jump of above 30 percent from August, according to Uwin data.
Only March’s transactions of above 864,000 square meters of new houses sold across the city were better than the volume last month.
The average cost of new homes rose 5.2 percent month on month to 27,669 yuan (US$4,507) per square meter.
For the last three months of this year, Huang predicted the transactions to rise as real estate developers will be more likely to offer attractive discounts to lure buyers and boost generally sluggish sales registered in the first three quarters. Last year, a monthly average of 1.06 million square meters of new homes were sold around the city, Uwin data showed.
On September 30, the People’s Bank of China announced a cut in mortgage rates and minimum down payment for some home buyers in one of its biggest moves this year to boost an economy increasingly threatened by a sagging housing market.
Buyers who own a home and have their mortgage paid off will be considered first-home buyers and enjoy discounted mortgage rates of as much as 30 percent off the benchmark lending rate, the PBOC said. Previously, they had to pay 10 percent or more above the benchmark rate.
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