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Shanghai new home sales jump on policy support
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THE implementation of revised criteria for normal housing fueled home transactions in Shanghai last week with a particularly notable surge in suburban properties, latest market data suggested.
Sales of new residential properties, 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 today.
"The revised criteria, which went effective Thursday, left direct impact on transactions with those located beyond the city's Outer Ring Road seeing the biggest surge," said Lu Qilin, a Deovolente researcher. "Coupled with central bank's latest cut in interest rate, housing transactions will continue to increase."
Daily transaction of new homes, located beyond the Outer Ring Road, averaged 34,500 square meters between Thursday and Sunday, a nearly 66 percent surge from the average daily volume registered between November 1 and 19, according to Deovolente data. In comparison, sales of new houses located within the Inner Ring Road jumped 36.8 percent while those located between the Inner and Outer ring roads rose 11.7 percent, respectively.
The surge in sales of mid- to low-end homes pulled average cost of new homes down by 10.1 percent from the previous week to 27,120 yuan (US$4,424) per square meter, Deovolente data showed.
Citywide, seven of the ten best-selling projects last week cost around 20,000 yuan per square meter or below, with a development in Nanqiao, outlying Fengxian District, recording sales of 120 apartments, or 12,715 square meters, the most among all.
Last week also witnessed a surge in supply. New homes totaling 388,700 square meters were released to the local market, a week-over-week rise of 45.6 percent, or the second-highest weekly volume registered so far this year.
As of Sunday, new home sales totaled almost 720,000 square meters this month, compared to October's 1.09 million square meters, Deovolente said.
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