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New home sales on a strong run
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Shanghai’s new home sales grew for a fourth straight week despite an almost 80 percent plunge in new supply, the latest market data showed.
The total area of new residential properties sold, excluding government-subsidized affordable housing, climbed 7 percent week over week to around 229,000 square meters during the seven days to Sunday, Shanghai Centaline Property Consultants Co said in its weekly report yesterday.
Only about 48,000 square meters of new homes over three projects were released onto the market, a drop of 76.5 percent from the previous seven days.
“Outlying areas acted as the main engines driving the growth of the market for another week with Jinshan District, which is seldom a top performer, recording extremely robust sales of 37,000 square meters,” said Lu Wenxi, Centaline’s senior researcher. “However, as new supply continues to fall, we expect some correction of the market to happen soon, particularly after a four-week rally.”
The average price of new homes rose 3.5 percent week over week to 56,201 yuan (US$7,947) per square meter amid a structural shift toward medium and high-end properties. In the top 10 list by sales volume, three cost above 100,000 yuan per square meter or above.
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