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New home sales fall over 35%
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SALES of new homes in Shanghai tumbled over 35 percent last week as sentiment among home buyers and real estate developers plunged due to the approaching Spring Festival holiday.
The sales of new homes, excluding government-funded affordable housing, dropped 35.6 percent to 149,600 square meters during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said in a report yesterday.
“It was the first time in months that the weekly volume fell below the 150,000-square-meter threshold, with only two projects securing sales of more than 5,000 square meters — evidence of a really sluggish momentum,” said Lu Qilin, a Deovolente researcher.
“The slack sentiment will not recover until early March when developers start to release more properties to boost sales.”
Only 103,000 square meters of new housing units at four developments were launched for sale in the city last week, a weekly plunge of 49 percent, Deovolente data showed.
By price, the new homes sold last week cost an average 28,059 yuan (US$4,493) per square meter, a decline of 1.9 percent from the previous week.
“It is highly likely that the monthly transaction volume of new homes will stay below 500,000 square meters in February in Shanghai as the current pace of sales will continue to decelerate during the weeklong Lunar New Year holiday,” said Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co.
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