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November 24, 2020

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Home » Business » Real Estate

City new home sales post first rise in 3 weeks

New home sales in Shanghai rose moderately last week, the first increase in three weeks despite zero new supply, latest market data showed.

The total area of new residential properties sold, excluding government-funded affordable housing, increased 3.1 percent week over week to around 167,000 square meters during the seven-day period ending on Sunday, Shanghai Centaline Property Consultants Co said in a regular report issued yesterday.

The average cost of new homes, meanwhile, edged up 1.9 percent to 51,573 yuan (US$7,850) per square meter, as medium- to low-end properties remained the most popular.

“The residential housing market has started to cool off as 2020 nears an end,” said Lu Wenxi, Centaline’s senior researcher. “A plunge in new supply may have a negative impact on sales over the last few days of the month, which usually register a spike in transactions, while the absence of high-end and luxury projects in the best-selling list for two straight weeks also indicated weak sentiment.”

Citywide, Minhang District dwarfed all with weekly sales of some 33,000 square meters. Next was Qingpu District where about 22,000 square meters of new houses were unloaded.

A project in Minhang’s Pujiang Town became the most sought-after development during the past week after selling 20,909 square meters, or 201 units, at an average price of 63,514 yuan per square meter.


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