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September 22, 2020

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Weekly sales of new homes jump by 37.7%

Shanghai’s new housing market has rebounded after a two-week slump as supply hit the second-highest weekly figure this year, with outlying areas the most sought-after.

The total area of new residential properties sold, excluding government-funded affordable housing, jumped 37.7 percent week over week to 261,000 square meters in the seven days to Sunday, Shanghai Centaline Property Consultants Co said its weekly report yesterday.

“Sentiment among both home-buyers and real estate developers rebounded notably last week with 10 districts/regions recording sales of over 10,000 square meters each and new supply surging to the second highest weekly volume for the year-to-date,” said Lu Wenxi, Centaline’s senior researcher.

“That would be enough to support sales for the next two weeks so we remain optimistic about September’s overall performance.”

Suburban Nanhui, formerly a district and now part of the Pudong New Area, dwarfed all by selling 45,000 square meters. Pudong followed with 35,000 square meters. Qingpu District saw sales of around 33,000 square meters.

About 343,000 square meters over 13 projects were released, compared with 134,000 square meters the previous week. The average price dropped 15 percent to 51,966 yuan (US$7,668) per square meter.


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