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June 6, 2017

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New home sales enter low season

TRANSACTIONS of new homes in Shanghai fell last week as the city’s housing market entered its traditional low sales season.

The area of new homes sold, excluding government-subsidized affordable housing, fell 19.1 percent to 159,000 square meters during the seven-day period ended Sunday, Shanghai Centaline Property Consultants Co said in a report released yesterday.

Nanhui area in the Pudong New Area led with weekly transactions of 34,000 square meters amid robust sales at a project in Lingang port area. Songjiang and Jiading districts followed close behind.

These new homes sold for an average 42,315 yuan (US$6,204) per square meter, a weekly drop of 6 percent, according to Centaline data.

The price drop was caused by strong sales at the Lingang development, whose price was set by the government and was built for qualified buyers. The project sold 362 apartments last week at an average of 9,068 yuan per square meter, making it the most sought after housing project across the city.

Only 44,000 square meters of new houses were released locally, down 76.7 percent from the previous week.


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