House buyers remain cautious

By Cherry Cao | June 9, 2014, Monday |

Online Edition

SENTIMENT among buyers and real estate developers remained slack for another week in Shanghai with cautiousness continuing to dominate the market.

Purchases of new residential properties in the seven-day period ended on Sunday, excluding government-subsidized affordable housing, dropped 22.4 percent to 111,300 square meters, extending losses for the third straight week, Shanghai Uwiin Real Estate Information Services Co said. It was the ninth consecutive week the weekly transaction volume remained below the 200,000-square-meter threshold, Uwin said.

New home supply climbed 9.8 percent from the previous week to 78,300 square meters compared to a weekly average of 220,200 square meters over the past 12 months.

"Weakness extended into June with extremely low volumes of sales and supply being recorded during the first week," said Huang Zhijian, chief analyst at Uwin. "Both side of the players in the market tended to sit on the sidelines as far as no concensus on price could be reached."

The average cost of new homes rose 3.2 percent week on week to 29,631 yuan (US$4,779) per square meter, or an 18-week high amid fewer transactions of mid to low-end houses.

A project in Minhang District was the most popular after selling 29 units last week at an average price of nearly 50,000 yuan per square meter.

Among the top 10 best-selling projects for the week, six cost an average of more than 30,000 yuan a square meter.

Business Real Estate

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House buyers remain cautious

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