2015-09-23

First-Tier Property Markets Cooling

Last week new homes sales and prices fell in Beijing. The "Gold September" sales are on pace to be flat yoy.
According to the chain of home network Institute of Statistics, Beijing third week of September (9.14 -9.20), new residential net signed volume is 1984 units, a decline of 21.2%. Pure commercial housing turnover (excluding affordable housing, since the housing, the same below) 1099 sets, dropped 7.3 percent last week, of which only five projects in the amount of net signed this week, more than 30 sets, the number of hot-selling items compared with July, a substantial decline in August, and selling projects outside the six-ring-based low-cost project, the average price of 15,000 / square meter or less.

Beijing last week, the average transaction price of new homes was 30,315 yuan / square meter, down 8.6%.

...Chain of home network Institute of LI Qiao-ling, said in September turnover decline, there are factors that affect a small holiday, but also demand the release of Tongzhou restriction inhibited reasons, Tongzhou transactions accounted for a marked decline in the month compared to previous two months. But more because of the lack of pre-supply related. Overall, this year 金九成 pay relatively flat, the volume is lower than in July and August, monthly purely commercial housing turnover is expected to be in more than 4,000 units, and in May the turnover level closer.
iFeng: 上周北京新房市场量价齐跌 金九成交较为平淡

One of the reasons cited for weak sales is the Tongzhou District buying restrictions. Speculators had been driving prices there and in neighboring Hebei, as the government moves offices to the district.

Other evidence points to the government's bailouts running out of steam. An example from SCMP: Secondary home transactions may have peaked in Shanghai and Beijing
Although prices are still rising, sales of second-hand homes in Shanghai and Beijing declined last month from July, the SCMP-Century 21 index showed, indicating the policy-induced housing market recovery is losing momentum.

No comments:

Post a Comment