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July 23, 2019

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Home sales rebound, led by Qingpu

New home sales rebounded in Shanghai last week with outlying Qingpu District continuing to be the most popular.

The area of new residential properties sold, excluding government-subsidized affordable housing, rose 22.5 percent to around 144,000 square meters in the seven days to Sunday, gaining strength for the first time in three weeks, Shanghai Centaline Property Consultants Co said in its regular Monday report.

Qingpu registered sales of some 46,000 square meters, a week-over-week surge of 84 percent. Minhang District was next with sales of around 20,000 square meters. The average cost of a new home climbed 5.1 percent to 55,154 yuan (US$8,002) per square meter.

“Notably, two luxury projects made it into the top 10 list while the most sought-after development recorded weekly sales of nearly 200 units, indicating relatively strong momentum during the traditional slow season,” said Lu Wenxi, Centaline’s senior research manager. “For the rest of July, we expect to see some moderate fluctuations in ... volume with competition intensifying.”

Of the top 10 by area, six cost more than 50,000 yuan per square meter. A China Vanke development in Qingpu sold 20,899 square meters for an average 57,135 yuan per square meter. Two luxury projects at over 110,000 yuan per square meter, one in Huangpu District and the other in the Pudong New Area, were fourth and 10th. About 118,000 square meters of new houses, most from 30,000 to 60,000 yuan per square meter, were released, down 62 percent.


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