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Revised criteria spur Shanghai’s new home sales
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TRANSACTIONS of new homes in Shanghai rose last week with purchases of suburban properties surging as buyers took advantage of revised criteria for normal housing, according to latest market data.
Sales of new homes, excluding government-subsidized affordable housing, jumped 19.2 percent week over week to 257,700 square meters, Shanghai Deovolente Realty Co said in a report released yesterday.
“The revised criteria, which took effect on Thursday, impacted directly on transactions, with those located beyond the city’s Outer Ring Road seeing the biggest surge,” said Lu Qilin, a Deovolente researcher.
Lu predicted that housing transactions “will continue to increase” with the central bank’s latest cut in interest rates.
The daily transactions of new homes, located outside the Outer Ring Road, averaged 34,500 square meters from Thursday to Sunday, up nearly 66 percent from the average daily volume registered between November 1 and 19, according to Deovolente data. Comparatively, sales of new houses located within the Inner Ring Road jumped 36.8 percent while those sited between the Inner and Outer Ring roads rose 11.7 percent.
Meanwhile, the surge in sales of mid- to low-end homes sent the average price of new homes lower by 10.1 percent from the previous week to 27,120 yuan (US$4,428) per square meter, according to the data.
Citywide, seven of the 10 best-selling projects last week saw units sold around 20,000 yuan per square meter or below.
The supply of homes also surged last week. Around 388,700 square meters of new homes were released locally, up 45.6 percent week over week — the second-highest weekly volume so far this year.
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