Housing market in Shanghai remains lackluster

By Cherry Cao | May 16, 2016, Monday |

Online Edition

NEW home buying sentiment remained lackluster in Shanghai for another week despite an insignificant rebound, latest market data showed.

The purchases of new residential properties, excluding government-subsidized affordable housing, rose 13.9 percent to 183,000 square meters during the seven-day period ended Sunday, Shanghai Centaline Property Consultants Co said in a report released today.

"The supply-demand scenario has changed dramatically since the latest tightening measures by the local government which came into effect in late March," said Lu Wenxi, senior research manager at Shanghai Centaline. "Weekly transaction volume is expected to hover around a rather low level for some time before the market finds a new stimulus."

The new homes were sold for 36,233 yuan (US$5,538) per square meter on average last week, a drop of 10.4 percent from the previous seven-day price which soared above 40,000 yuan per square meter for the first time.

Citywide, two of the 10 best selling projects cost more than 70,000 yuan per square meter while the rest eight were all priced at no more than 40,000 yuan per square meter, according to Centaline data. A residential development in outlying Fengxian District became the most sought after one after selling 51 apartments for an average price of 26,392 yuan per square meter.

On the supply side, new houses totaling 265,000 square meters were released to the local market last week, a week-over-week decrease of 23.9 percent. Among them, more than half, or 58 percent of the total, asked for no more than 30,000 yuan per square meter.

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Housing market in Shanghai remains lackluster

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