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New home sales rebound 7%
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HOMEBUYERS and real estate developers in Shanghai retained their positive sentiment last week despite an overall weakness in the market, according to latest industry data.
The purchases of new homes, excluding government-subsidized affordable housing, rose 7 percent week on week to 196,400 square meters, up for the second straight week, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
“Despite the rebound, transactions were still rather sluggish as they remained below the weekly average of 221,500 square meters registered over the past 12 months for the fourth consecutive week,” said Huang Zhijian, chief analyst at Uwin.
The new homes cost an average 26,341 yuan (US$4,213) per square meter, up 2 percent from the previous week, according to Uwin data.
But Huang was not confident the market would rebound sharply “unless the supply of mid- to low-end projects increases or price discounts are offered.”
The supply of new homes in Shanghai surged 28.6 percent week on week to around 221,500 square meters last week. But the supply was below the weekly average supply of 234,500 square meters over the last 12 months, the data showed.
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