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Housing market still expanding
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Home-buying momentum continued in Shanghai last week, though lack of new supply still hinders a solid recovery, the latest market data show.
The total area of new residential properties sold, excluding government-funded affordable housing, rose more than 23 percent week over week to 84,000 square meters during the seven-day period ending Sunday, Shanghai Centaline Property Consultants announced in its regular weekly report released yesterday.
Across the city, outlying areas remained the driving market force with the Nanhui region of the Pudong New Area recording sales of 11,000 square meters. Jiading District followed with seven-day transactions hitting 9,839 square meters, a weekly increase of more than 29 percent.
“The market has been steadily regaining its strength,” said Lu Wenxi, Centaline’s senior researcher. “However, last week’s volume was just about half the regular level as the market continued to be plagued by an absence of new supply.”
For the 10th consecutive week, no new supply entered the Shanghai market.
The average price of a new home, meanwhile, shed 2.6 percent from the previous week to 56,468 yuan (US$7,953) per square meter, according to Centaline data.
Among last week’s top-10 bestsellers, three projects were priced at 100,000 yuan per square meter or above, while the rest fell below the 50,000-yuan-per-square-meter mark.
A Shui On Land development in Hongkou District maintained the top spot after unloading 3,046 square meters, or 20 units of new homes.
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