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New home sales drop for 2nd week
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NEW home sales in Shanghai last week fell for the second consecutive week as tightening policies again curbed buying sentiment.
The area of new homes sold, excluding government-funded affordable housing, fell 36.6 percent to 180,000 square meters last week, Shanghai Centaline Property Consultants Ltd said in a report released yesterday.
The average cost of new homes fell 13.3 percent to 28,533 yuan (US$4,414) per square meter, as medium to low-end houses remained the most sought-after.
“The seven-day transaction volume fell below the 200,000-square-meter threshold while the average cost retreated below 30,000 yuan per square meter for the first time since September 2015 as tightening measures continued to damp buying momentum,” said Lu Wenxi, a senior manager of research at Centaline. “There was also a significant withdrawal in new home supply as most developers chose to sit on the sidelines.”
Units at Shanghai’s three bestselling projects cost no more than 20,000 yuan per square meter while more than 53 percent of total new homes sold last week were priced below 25,000 yuan per square meter, up 7.9 percentage points from the previous week, according to Centaline.
Lu said transactions will keep going southward as the current robust sentiment in the medium to low-end segment will cool off in the next couple of weeks and buyers’ interest in the high-end and luxury houses will weaken further.
About 108,000 square meters of new homes, most being medium to low-end developments, were released locally last week, a week-on-week plunge of 75 percent, according to Centaline.
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