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New home sales continue to gain pace
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SHANGHAI’S new home market continued to gain momentum last week, ahead of an expected overall rebound as early as next month.
The sales of new homes, excluding government-subsidized affordable housing, jumped 20.4 percent to 93,000 square meters during the seven-day period ended on Sunday, Shanghai Centaline Property Consultants Co said in a report released yesterday.
These new homes sold for an average 48,900 yuan (US$7,111) per square meter, a week-on-week increase of 1.1 percent.
“The market has been picking up its strength recently at a rather moderate pace, which is within our expectations,” said Lu Wenxi, senior manager of research at Centaline.
“The volume of upcoming new supply, particularly the supply of medium to low-end apartments, and developers’ pace of release should be two important factors that might help decide if the current rebound could be sustained.”
Some 119,000 square meters of new homes were released locally, up 94.6 percent from a week earlier, Centaline data showed.
Most of these new houses are located in outlying areas such as Nanhui and Songjiang and cost no more than 40,000 yuan per square meter.
“That could be good for a faster recovery of the market,” Lu said. “From previous experience, a notable rebound usually begins with strong sales in the medium to low-end segment.”
High-end and luxury projects again sold robustly, with two of the five best-selling developments costing 80,000 yuan per square meter and above. A project in the Pudong New Area led with weekly sales of 63 units for an average 87,481 yuan per square meter.
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