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Home-buying pace stays weak

Last Updated: Thursday, April 27, 2017 - 16:37

ME-BUYING momentum remained sluggish in Beijing real estate market last week as tightening measures to cool the overheated market continued to bite.

The area of new homes sold, excluding government-subsidized affordable housing, rose 2.1 percent to 148,000 square meters last week, Beijing Centaline Property Consultants Co

said in a report released yesterday.

“As of Sunday, only about 487,000 square meters of new homes were sold across the city, which means the entire monthly sales should probably hover around 700,000 square meters

at most, a low volume for April,” said Lu Wenxi, senior manager of research at Centaline. “With home restriction policies unlikely to be relaxed, we expect the local housing

market to remain subdued.”

The New Area led all districts with 28,000 square meters of new homes sold during the seven-day period, a weekly surge of 115.4 percent. The outlying District was next with

weekly sales soaring 107.7 percent to 27,000 square meters, according to Centaline data.

The average cost of new homes rose 9.2 percent to 46,540 yuan (US$6,760) per square meter amid comparatively strong demand from home upgraders.

A housing project in New Area sold 127 units last week at an average 55,381 yuan per square meter to become the most popular housing project in the city.

--source from Shanghai Daily