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New home sales jump after break
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NEW home sales more than doubled in Shanghai last week as holiday sentiment faded, fresh industry data shows.
The area of new residential properties sold, excluding government-funded affordable housing, jumped 107.4 percent to about 117,000 square meters during the seven days ending Sunday, Shanghai Centaline Property Consultants said in a report released yesterday.
The Pudong New Area, where about 21,000 square meters of new housing was sold, a week-on-week drop of 19.2 percent, continued to be the most sought-after area.
Outlying Fengxian District also performed quite well, with sales surging 166.7 percent to about 16,000 square meters, Centaline said.
“Despite the rebound, the overall sentiment among home buyers remained subdued as not a single project registered weekly sales exceeding 100 units,” said Lu Wenxi, senior manager of research at Centaline. “However, as supply recovered as well, transaction volume might continue to improve over the next couple of weeks.”
The average cost of a new home fell to 59,291 yuan (US$8,570) per square meter, a decline of 15 percent over the previous week, mainly due to a structural shift, Centaline said.
Half of the 10 most sought-after projects cost no more than 50,000 yuan per square meter, and only one housing development with a price tag of more than 100,000 yuan per square meter, which sold 5,631 square meters, or 26 units, last week, managed to squeeze into the best-selling list.
An apartment project in Fengxian emerged as the most popular after unloading nearly 8,000 square meters, or 81 units, for an average price of 36,853 yuan per square meter, Centaline said.
On the supply side, some 152,000 square meters of new homes spanning six projects were released onto the market last week, compared with zero supply during the previous seven days, which was the National Day holiday.
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