Shanghai posts sluggish buying sentiment for new houses

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February 11, 2014

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Shanghai posts sluggish buying sentiment for new houses

By Cherry Cao | February 11, 2014, Tuesday |

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Shanghai’s housing market saw sluggish buying sentiment for new homes in the first week of the Year of the Horse, with low- to medium-priced homes accounting for more than 60 percent of the total volume.

The purchases of new homes, excluding government-funded affordable housing, dived 51.3 percent week on week to 29,400 square meters during the seven-day period ended Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.

“The transaction last week was very flat as it was just equivalent to a single day’s sales registered in the city before the Spring Festival holiday began,” said Huang Zhijian, chief analyst at Uwin. “However, without any doubt, the market will pick up over the next few weeks.”

The new homes cost an average 25,230 yuan (US$4,170) per square meter, down 17.6 percent from the previous week.

Around 63 percent, or 18,600 square meters of new homes, were sold for under 25,000 yuan per square meter while only 6,000 square meters of new houses sold across the city during the seven-day period cost above 40,000 yuan a square meter, Uwin data showed.

Nearly 111,000 square meters of new houses were released to the local market last week, up 48.9 percent weekly.

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Shanghai posts sluggish buying sentiment for new houses

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