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Sales of new properties in city ease last week
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SHANGHAI’S new home market cooled last week with tepid sentiment prevalent among both home buyers and real estate developers, latest industry data showed.
The area of new residential properties sold, excluding government-subsidized affordable housing, fell 11.7 percent week on week to 276,100 square meters in the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said in a report released yesterday. The average cost of these new homes dropped 8.4 percent to 33,269 yuan (US$5,356) per square meter.
“Following robust sales for three consecutive weeks, the seven-day transaction volume fell below the 300,000-square-meter threshold for the first time in four weeks,” said Lu Qilin, a researcher at Deovolente. “The luxury segment, in particular, suffered even more significant retreat.”
A total of 236 units of new houses with a price tag of more than 50,000 yuan per square meter were sold across the city last week, a drop of 153 units from the previous week.
A residential development in Xujin area, Qingpu District, emerged as the most popular project after seeing sales of 57 units, or 6,438 square meters, at an average price of 30,211 yuan per square meter. Medium to high-end properties were in demand as half of the 10 best-selling developments cost 30,000 yuan per square meter and above.
On the supply side, 118,800 square meters of new residential properties at four projects were released to the local market, a week-on-week plunge of 41.5 percent.
New homes totaling 803,700 square meters have been sold in the city in July, a surge of 129 percent from the same period a year earlier, Shanghai Uwin Real Estate Information Services Co said yesterday.
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