New home sales plunge 36% on cool sentiment

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July 8, 2014

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New home sales plunge 36% on cool sentiment

By Cherry Cao | July 8, 2014, Tuesday |

Print Edition

A prevailing “wait-and-see” sentiment again pulled new home sales down by nearly 36 percent, snapping a major rebound that lasted one week, according to latest market data.

The purchases of new homes, excluding government-subsidized affordable housing, fell 35.7 percent to 152,600 square meters during the seven-day period ending Sunday, Shanghai Deovolente Realty Co said in a report released yesterday.

The average cost of a new home rose nearly 5 percent week on week to 27,593 yuan (US$4,450) per square meter, Deovolente data showed.

“We expect the weakness to continue over the coming two months during which high temperatures should keep more home seekers away from the market,” said Lu Qilin, a Deovolente researcher.

Lu also predicted that real estate developers are likely to stay low until September and October — traditionally the high period for purchasing properties.

A project in outlying Qingpu District became the best-selling development during the seven-day period when it sold 89 apartment units last week at an average of around 15,000 yuan per square meter, according to Deovolente data.

Notably, a project near Shanghai Railway Station in Zhabei District launched 95 apartments for sale last week, with the highest asking price of 298,000 yuan per square meter — a record for an apartment project in the city.

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New home sales plunge 36% on cool sentiment

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