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August 25, 2020

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New home prices see big rebound

Weekly new home sales in Shanghai have exceeded the 200,000-square-meter mark, mainly fueled by robust turnover in Minhang District.

The total area of new residential properties sold, excluding government-subsidized affordable housing, jumped 47.6 percent week over week to 247,000 square meters in the seven days to Sunday, the first major rebound in three weeks, Shanghai Centaline Property Consultants Co said in its weekly report yesterdeay.

Minhang witnessed extremely strong sentiment, with weekly sales of 82,000 square meters. It was trailed by Qingpu District, where 28,000 square meters of new houses were sold. Suburban Fengxian District and the Nanhui region of the Pudong New Area also performed strongly, both selling over 17,000 square meters.

“Minhang alone accounted for one third of the city’s total transactions,” said Lu Wenxi, Centaline’s senior researcher. “Moreover, two projects unloaded over 280 units each, indicating a strong recovery of momentum.”

The average price edged up 2.2 percent to 56,984 yuan (US$8,222) per square meter. Luxury projects were absent from the top 10. Medium- to low-end projects continued to be the most sought-after.

Dwarfing all last week was a residential development in Minhang’s Huacao area, which sold 32,454 square meters, or 288 units, for an average 64,393 yuan per square meter. A project in Pujiang Town in the same district, with an average price of 61,534 yuan per square meter, followed with sales of 26,221 square meters, or 285 units.

About 224,000 square meters of new housing over nine projects were released into the market, up 15.5 percent.

“The majority of new supply launched recently cost around 50,000 yuan per square meter, and that will probably help boost sales in the next couple of weeks,” Lu said.




 

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