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Home buying desire dims for 1st time in 4 weeks
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HOME buying sentiment in Shanghai weakened for the first time in four weeks while the average cost was little changed, latest market data suggest.
The area of new homes sold, excluding government-subsidized affordable housing, fell 23.1 percent to 303,200 square meters during the seven-day period ended Sunday, Shanghai Homelink Real Estate Agency Co said in a report released yesterday. They were sold for an average of 34,006 yuan (US$5,300) per square meter, up just 0.5 percent weekly.
“Despite the drop, the weekly volume still stayed above the 300,000-square-meter threshold for the fifth straight week,” said Lu Qilin, director of research at Shanghai Homelink. “However, as supply over the past month remained insufficient, we expect the momentum to weaken for another week.”
Around 102,100 square meters of new houses at six projects were released to the local market, up from the previous week when 30,500 square meters of new homes were launched. However, the figure was still less than half of the average weekly supply of 232,600 square meters registered over the past year, a separate report released yesterday by Shanghai Uwin Real Estate Information Services Co showed.
An apartment project in Zhoukang, Nanhui of Pudong New Area was the best-selling housing development when it sold 33 units for an average 24,752 yuan per square meter. Homes in four of the city’s 10 most popular projects cost 30,000 yuan per square meter and above, according to Homelink data.
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