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New home sales maintain firm growth
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New housing sales in Shanghai exceeded the 200,000-square-meter mark for another week as developers geared up to boost performances in August.
The total area of new residential properties sold, excluding government-subsidized affordable housing, rose 13.4 percent week over week to 279,000 square meters in the seven days to Sunday, Shanghai Centaline Property Consultants Co said in its weekly report yesterday.
Suburban Jiading District dwarfed all with weekly sales of 42,000 square meters, followed by Nanhui in the Pudong New Area and Qingpu District, with 36,000 square meters and 35,000 square meters.
“A total of 10 districts/areas posted weekly transactions of more than 10,000 square meters, as strong momentum carried through the end of the month,” said Lu Wenxi, Centaline’s senior researcher. “Two projects registered sales of more than 100 units, further evidence for robust market sentiment.”
The average new home price fell 6.7 percent week over week to 53,176 yuan (US$7,739) per square meter as a result of a structural shift toward medium to low-end houses.
A development in Nanhui sold 17,385 square meters, or 161 units, for an average 40,000 yuan per square meter.
Along with robust sales, supply also jumped as real estate developers prepared for the traditional high season of property sales — September and October.
About 308,000 square meters of new residential properties over 10 projects hit the market last week, up 37.7 percent, according to Centaline.
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