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New home costs still rise last week due to premium properties
Online Edition
THE average cost of new residential properties hit a record in Shanghai last week despite a plunge in buyers' sentiment, latest market data suggest.
New homes sold across the city rose 7.6 percent to 40,442 yuan (US$6,209) per square meter on average during the seven-day period ended Sunday, exceeding the 40,000-yuan-per-square-meter threshold for the first time. Transaction volume, however, the area of new homes sold dived 40.2 percent from the previous week to 160,700 square meters, Shanghai Homelink Real Estate Agency Co said in a report released today.
"Weekly average price of new homes surged to the highest last week mainly due to robust sales registered in the high-end segment, indicating that the recent tightening measures aimed to cool the city's overheated market were having rather bigger impact on home seekers with comparatively tight budget," said Lu Qilin, director of research at Shanghai Homelink.
Citywide, five of the 10 best-selling housing projects last week cost more than 50,000 yuan per square meter, while 35 residential units with a price tag of more than 100,000 yuan per square meter were sold, a week-on-week rise of 16.7 percent, a separate report released today by Shanghai Centaline Property Consultants Co showed.
A development in Pudong New Area sold 24 units, or totaling 7,175 square meters, over the past week for an average price of 85,803 yuan per square meter, making it the most sought-after project in the city.
"The notable withdrawal in weekly transaction volume was no surprise and the sluggish sentiment might extend further in the local market as policy-driven correction continues," said Lu Wenxi, a senior manager of research at Shanghai Centaline. "However, as new home supply remained quite abundant over the past two weeks, we do expect a market rebound though it might not be very strong or last very long."
Last week, 349,000 square meters of new houses, majority of which medium- to low-end projects, were released to the local market, a week-over-week increase of 1.7 percent, Homelink data showed.
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