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October 13, 2020

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Home » Business » Real Estate

Housing sector takes holiday hit

By Cao Qian | 00:00 UTC+8 October 13, 2020 | Print Edition

Sentiment among home buyers and real estate developers eased last week, partly due to the National Day holiday, the latest market data shows.

The total area of new residential properties sold, excluding government-funded affordable housing, fell 16.8 percent week over week to 184,000 square meters during the seven-day period ending on Sunday, Shanghai Centaline Property Consultants Co said in a regular report issued yesterday.

Citywide, the Pudong New Area and Nanhui, formerly a district and now part of Pudong, led others with each unloading around 32,000 square meters of new homes, mainly buoyed by ample supply in previous weeks. Outlying Songjiang District followed most closely with a weekly transaction of about 16,000 square meters.

The average new home price rebounded to 58,106 yuan (US$8,630) per square meter as a result of a structural shift toward higher-end properties, a 21.3 percent week-on-week rise, according to Centaline data.

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