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October 20, 2020

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Home » Business » Real Estate

Home sales surge amid rising supply

By Cao Qian | 00:00 UTC+8 October 20, 2020 | Print Edition

New home sales jumped 15.3 percent by volume last week amid soaring supply, led by medium to low-end properties.

Properties sold, excluding government-funded affordable housing, rose 15.3 percent week over week to 212,000 square meters in the seven days to Sunday, Shanghai Centaline Property Consultants Co said in its weekly report yesterday.

About 441,000 square meters of new houses were put on the market last week.

That compared with 15,000 square meters in the previous seven says, Centaline said.

But the average new home price fell 12.1 percent to 51,068 yuan (US$7,610) per square meter.

Jiading District, Nanhui (formerly a district and now part of the Pudong New Area) and Qingpu District sold 29,000 square meters, 27,000 square meters and 22,000 square meters.

“Outlying districts registered much more robust performance compared with their downtown counterparts” said Lu Wenxi, Centaline’s senior researcher.

“Hopefully, such strong momentum will extend and we may see the transaction volume reach 300,000 square meters soon.”

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