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New home sales remain high for second week

By Cherry Cao | September 9, 2013, Monday | Online Edition

NEW home sales remained above the 250,000-square-meter threshold for the second straight week in Shanghai despite a mild retreat, with robust sales being registered in the mid- to high-end segment.

The purchases of new residential properties, excluding government subsidized affordable housing, fell 6.5 percent to 259,100 square meters last week, Shanghai Deovolente Realty Co said in a report released today.

“We expect improving sentiment over the next couple of weeks among both first-time and upgrading buyers,” said Lu Qilin, a Deovolente researcher. “The market has entered its traditional high season while no further tightening policies should be expected at least in the near term.”

Average cost of a new house, meanwhile, jumped 8.2 percent from the previous seven-day period to 25,392 yuan (US$4,143) per square meter. Citywide, 60 new houses with a price tag of more than 50,000 yuan a square meter were sold last week, an increase of 13 from the previous week.

And among the city’s 10 best-selling residential projects, three cost more than 30,000 yuan per square meter, according to a separate report released today by Shanghai Uwin Real Estate Information Services Co. A Star River project in Minhang District emerged as the most popular development after registering sales of 34 units at an average price of 34,640 yuan a square meter, Uwin data showed.

On the supply side, nearly 270,000 square meters of new houses were released to the local market, a week-on-week surge of 177 percent, according to Deovolente data.

As of Sunday, new home sales totaled 298,600 square meters in September.  

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