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July 16, 2019

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New home supplies fail to boost buying sentiment

Shanghai’s new housing sales market headed further south last week despite a surge in new supply.

The area of new residential properties sold, excluding government-subsidized affordable housing, fell 18.7 percent to around 117,000 square meters in the seven days to Sunday, losing strength for the second week, Shanghai Centaline Property Consultants Co said in its regular Monday report.

Western Qingpu District led all with transaction volume hitting some 25,000 square meters. The Nanhui area in the Pudong New Area, Fengxian and Songjiang districts followed with weekly sales all staying above the 10,000-square-meter barrier.

“Sentiment among home buyers continued to soften across the city with medium to low-end projects registering comparatively good performances,” said Lu Wenxi, Centaline’s senior research manager.

“However, a rather unexpected jump in supply might indicate that more real-estate developers are feeling pressure to unload their inventory.”

Citywide, about 310,000 square meters of new residential properties spanning 10 projects were released into the local market, a dramatic week-over-week rise of 330.8 percent. The average cost of a new home dropped 4.5 percent from a week earlier to 52,487 yuan (US$7,613) per square meter.


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