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New housing sales remain stable
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SHANGHAI’S new home sales remained stable last week as both volume and price grew moderately, according to latest industry data.
The area of new homes sold, excluding government-funded affordable housing, climbed 8 percent to 237,700 square meters during the seven-day period ended on Sunday, while the average cost rose 1.7 percent week on week to 31,703 yuan (US$4,958) per square meter, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
“The city’s housing market started to cool since the beginning of this month but overall sentiment remained rather stable over the past two weeks despite a notably inadequate supply,” said Lu Qilin, director of research at Shanghai Homelink. “Therefore, it is still likely that this month might still end up as the best-performing August in six years by transaction volume.”
Medium to high-end properties dominated last week’s top-10 list, with eight of them costing more than 30,000 yuan per square meter.
The luxury segment, which includes homes priced at 50,000 yuan per square meter and above, saw 181 units sold across the city last week, up four from the previous seven-day period, according to Homelink data.
Lu Wenxi, senior manager of research at Shanghai Centaline Property, said: “We expect to see a rebound in the sales of medium to low-end properties in the next two weeks through the end of August as supply in this segment picked up recently.”
Meanwhile, about 130,600 square meters of new homes, all located in outlying areas beyond the city’s Outer Ring Road, were released locally last week. That marked a week-on-week increase of 78 percent.
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