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Shanghai new home market grows weak
LACKLUSTER sentiment extended for another week in Shanghai’s new home market as Lunar New Year is approaching, latest market data showed.
The purchases of new residential properties, excluding government-subsidized affordable housing, fell 7.4 percent from the previous seven-day period to 151,000 square meters last week, the lowest in 15 weeks, Shanghai Deovolente Realty Co said in a report released today.
“With the Spring Festival about just one month away, sentiment among not only home seekers but real estate developers as well, continued to cool down,” said Lu Qilin, a Deovolente researcher. “We probably don’t foresee any major rebound until the end of the week-long Spring Festival holidays.”
Last week, only 64,800 square meters of new housing were released to the local market, a week-over-week plunge of 61.4 percent, according to Deovolente data.
By average price, new homes sold last week rose 16.5 percent to 31,244 yuan (US$5,039) per square meter, mainly thanks to robust sales registered at an upscale project in Longhua, Xuhui District.
Citywide, a development in outlying Songjiang District with an average price of a little over 21,000 yuan per square meter became the most popular one after 47 apartments were sold last week.
As of Sunday, new home sales totaled 380,000 square meters in January, or a daily average of some 21,100 square meters, a separate report released by Shanghai Uwin Real Estate Information Services Co showed.
“Developers should remain vigilant if transaction volume kept staying at low levels as overall momentum in the market could be affected,” Huang Zhijian, chief analyst at Uwin, said. “As inventory remained at a historical high of over 14 million square meters, developers had better stick to their current prices and no hikes should be considered despite robust sales registered during the last quarter of 2014.”
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