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Shanghai new home supply forecast to drop
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NEW home supply in Shanghai will likely drop significantly next month with fewer developers releasing new residential units for sale.
About 35 new residential developments — 29 apartment projects and six villa developments — are set to launch units in June, a month-over-month drop of 41.7 percent or a year-over-year decline of 25.5 percent, Soufun.com, operator of the country's largest real estate website, said in a report released today.
Sixteen of the 35 projects have never released any units before, Soufun said.
"The significant drop is partly due to the large volume of supply in May, which is usually a high season for home sales in China," said Wang Jiaxian, a Soufun analyst. "Moreover, the extremely sluggish sales registered so far this month has cooled developers' enthusiasm and many have chosen to sit on the sidelines before an expected rebound in market sentiment."
New home sales in Shanghai, excluding government-funded affordable housing, totaled 315,000 square meters in the first 18 days of this month, a daily average of just 17,500 square meters, earlier industry data showed. That compared with 761,300 square meters in April.
Across the city, Pudong New Area will lead with 10 projects, Soufun said. It will be followed by Jiading and Qingpu, where six developments are set to be released in each district.
Residential projects beyond the city's Outer Ring Road will account for 80 percent of the total new supply, Soufun said.
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