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January 14, 2020

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Residential housing market to remain stable

Shanghai’s new residential housing market will probably remain stable in 2020 along with a gradual and moderate improvement over 2019.

“The city’s new housing market went through a sort of consolidation last year with insignificant changes in new supply and average price but a more notable growth in transaction area,” said James Macdonald, senior director and head of Savills China research. “We expect to see more buyers come back to the market which will possibly result in a slow but steady increase in price, mainly fueled by a bounce in average transaction price in the last quarter of 2019 and signs that policies are unlikely to tighten further in 2020.”

In 2019, new home supply in Shanghai fell 6 percent year on year to 7.77 million square meters while the average price edged up 1.3 percent from 2018 to 53,900 yuan (US$7,791) per square meters.




 

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