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March 20, 2018

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New home sales fall in Shanghai for 1st time in 4 weeks

NEW home transactions fell in Shanghai for the first time in four weeks along with sentiment cooling among real estate developers, latest market data showed.

The area of new homes sold, excluding government-subsidized affordable housing, fell 11 percent to about 83,000 square meters during the seven-day period through Sunday, snapping a three-week rally after the Spring Festival holiday, Shanghai Centaline Property Consultants Co said in a report released yesterday.

Around the city, projects in outlying areas targeting budget-tight home seekers continued to dominate last week’s new home sales. Jiading, which saw a week-over-week rise of 15 percent, became the most sought-after area after unloading some 23,000 square meters of new houses. Qingpu followed with some 15,000 square meters of new home sales, up 87.5 percent from the previous week.

These new homes cost an average 44,533 yuan (US$7,023) per square meter, a weekly rise of 4.7 percent, according to Centaline data.

“Projects asking for between 30,000 yuan and 40,000 yuan per square meter remained the most popular among buyers with six out of the 10 best-selling developments falling into that range,” said Lu Wenxi, senior manager of research at Centaline.


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