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August 27, 2019

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Home sales momentum stays upbeat

New home buying momentum continued to pick up in Shanghai last week with outlying districts remaining popular, the latest market data showed.

The area of new residential properties sold, excluding government-subsidized affordable housing, increase 12.4 percent to about 178,000 square meters during the seven-day period through Sunday, according to a report by Shanghai Centaline Property Consultants Co yesterday.

For the second week, remote Fengxian District and the Nanhui area outperformed their counterparts around the city, mainly fuelled by a recent announcement by the central government to add Lingang, located in Nanhui, into Shanghai’s pilot free trade zone.

Seven-day sales in Fengxian climbed 14.8 percent to around 31,000 square meters and remained little changed from a week earlier at some 30,000 square meters in Nanhui. In Songjiang, new home sales jumped 35.3 percent to 23,000 square meters.

A structural shift toward the medium to low-end segment continued to drag the average price down.

New homes sold for 48,292 yuan (US$6,746) per square meter on average, a week-over-week dip of 2.6 percent and the lowest in 13 months, according to Centaline data.

Citywide, a project in the Pudong New Area led all after selling 10,196 square meters.




 

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