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Housing prices fall in Shanghai
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New home sales in Shanghai fell for the first time in four weeks, though medium to low-end properties continued to attract buyers’ attention.
The total area of new residential properties sold, excluding government-funded affordable housing, dropped 15.9 percent week over week to 54,000 square meters during the seven-day period ending Sunday, Shanghai Centaline Property Consultants said in its regular weekly report released yesterday.
Across the city, Qingpu District remained the most sought-after area for the second straight week despite a retreat from more than 8,600 square meters to 6,935 square meters. The Nanhui region of the Pudong New Area trailed most closely with seven-day transactions hitting 6,537 square meters. Jiading District finished at 6,132 square meters.
As sentiment waned, the average price of a new home recorded a double-digit slide as more medium to low-end properties were purchased over the past week. New homes sold for an average of 54,616 yuan (US$7,884) per square meter, a week-over-week decline of 11.4 percent, according to Centaline data.
“Half of the 10 best-selling projects cost no more than 50,000 yuan per square meter, dragging the average price down,” said Lu Wenxi, Centaline’s senior researcher. “Notably, one of these projects, or the fourth most-popular one, bears a price tag of less than 30,000 yuan per square meter.”
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