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May 3, 2017

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New home sales hit lowest in 5 years

HOME buyers continued to wait and see in Shanghai’s housing market last month as new home sales hit the lowest in five years, data showed yesterday.

The area of new homes sold, excluding government-subsidized affordable housing, fell 8.8 percent from March to about 677,000 square meters last month, a year-on-year plunge of 30.3 percent and the lowest April data since 2013, Shanghai Centaline Property Consultants Co said in a report.

“Buying momentum remained subdued following a weak performance in March which used to be a traditional month for a notable recovery in home sales,” said Lu Wenxi, senior manager of research at Centaline. “Medium to low-end houses in remote areas remained the most popular among home seekers as strictly implemented tighter measures continued to remain.”

The new homes were sold at an average of 46,949 yuan (US$6,810) per square meter, a monthly decline of 1.1 percent, according to Centaline data.

A residential project in outlying Fengxian District led other districts as 220 units, or 25,628 square meters, were sold last week for an average 18,015 yuan per square meter. Three of the 10 best-selling projects cost under 30,000 yuan per square meter.

“For developers, the best way to boost sales is to offer buyers price discounts, as they always work well in markets like Shanghai where demand from first-time buyers and upgraders remains strong,” Lu said.


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