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Shanghai’s housing market recovers with buyers’ improved sentiment
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SENTIMENT continued to rebound moderately among Shanghai home buyers, along with a long-awaited recovery in supply, latest market data showed.
The area of new residential properties sold, excluding government-subsidized affordable housing, climbed 6.1 percent to 138,000 square meters last week, extending strength for the second straight week, Shanghai Centaline Property Consultants Co said in a report released today.
"Despite a very mild rebound in transaction, it could be seen as a positive sign that market momentum finally began to stablize," said Lu Wenxi, senior manager of research at Centaline. "A notable surge in new home supply should possibly help the weekly transaction volume to stay above the 100,000-square-meter threshold for another week."
Citywide, new home supply surged from zero in the previous week to more than 135,000 square meters, which was also a six-week high. Of all, more than 60,000 square meters were in the medium- to low-end category.
On the price side, meanwhile, new houses sold for an average 41,485 yuan (US$5,988) per square meter, a week-over-week plunge of 23.1 percent, a result of structural shift, according to Centaline data.
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