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April 2, 2019

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Home » Business » Real Estate

New home market surges to 30-week high

New housing sales in Shanghai rose to their highest in 30 weeks last week amid strong activity in major outlying areas, the latest market figures show.

The area of new residential properties sold, excluding government-subsidized affordable housing, jumped 46.7 percent to around 248,000 square meters during the seven days to Sunday, Shanghai Centaline Property Consultants Co said yesterday in its latest weekly survey.

“As expected, transactions increased considerably during the last week of March as real estate developers geared up to improve their performance for both the month and the first quarter,” said Lu Wenxi, Centaline’s senior research manager in the latest summary.

“Notably, four housing developments managed to register weekly sales of more than 100 units, something that hasn’t been seen over the past six months and is clearly evidence of a solidly improving market sentiment,” Lu said.

Songjiang District was the top performer, with sales hitting 48,000 square meters, compared with about 18,000 the previous week.

Fengxian District and the Pudong New Area followed, with 37,000 square meters and 32,000 square meters.

Baoshan and Qingpu districts also exceeded 20,000 square meters each.

Citywide, new homes sold for an average 55,449 yuan (US$8,261) per square meter — a week-on-week rise of 8.8 percent. In the top 10 by area, three projects cost more than 80,000 yuan per square meter, with one development in downtown Laoximen in Huangpu District selling for an average of almost 130,000 yuan per square meter.

The remaining seven projects all brought less than 60,000 yuan per square meter, including one below 30,000 yuan per square meter.

A Gemdale development in Songjiang was the most sought-after, selling 18,044 square meters, or 168 apartments, at an average 39,614 yuan per square meter.

It was trailed by a COFCO project in Fengxian, with 17,464 square meters, or 182 units, for an average 36,145 yuan per square meter.

A total of 179,000 square meters of new housing, mostly in outlying districts such as Songjiang and Baoshan, hit the market, a week-on-week drop of 22 percent.

Last week’s robust sales also helped lift the overall performance of March, which saw new home transactions more than double from February, a separate Centaline report showed.

A total of 632,000 square meters of new housing were sold around the city last month at an average price of 54,184 yuan per square meter, up 106.5 percent and down 8.5 percent respectively from a month earlier.

Meanwhile, new home supply, most of it falling within the range of 30,000 yuan and 60,000 yuan per square meter, almost tripled to 788,000 square meters, a monthly surge of 194 percent.


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