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Area of new homes sold at 8-week low
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A cooling buying sentiment exacerbated the area of new homes sold in Shanghai last week to an eight-week low but demand for medium to high-end projects stayed strong.
New houses totaling 266,200 square meters were sold across the city last week, a plunge of 37.4 percent from the previous seven-day period, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
“The retreat was rather reasonable following a two-month rally in buying momentum,” said Huang Zhijian, chief analyst at Uwin.
“Despite the drop, (the area sold) still outnumbered the average weekly volume of 213,700 square meters registered over the past 12 months.”
The average cost of the new homes fell 2.6 percent week on week to 32,712 yuan (US$5,270) per square meter, although it stayed above the 30,000 yuan per square meter level for the sixth straight week, the data showed.
Four of the city’s 10 best-selling projects cost around 40,000 yuan per square meter or above, indicating comparatively robust demand from home upgraders, Uwin said.
A development in New Jiangwan Town, Yangpu District, was the most sought-after project in the city during the seven-day period ended on Sunday when it sold 23 units, or 4,876 square meters, at an average 49,875 yuan per square meter.
About 240,200 square meters of new homes were released locally, up 22.6 percent weekly.
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