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New home sales remain over threshold
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Shanghai’s new home sales stayed above the 250,000-square-meter threshold for the second straight week despite a slight dip, with robust sales of mid- to high-end homes.
The purchases of new homes, 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 yesterday.
“We expect improving sentiment over the next couple of weeks among both first-time buyers and those upgrading,” said Lu Qilin, a Deovolente researcher. “The market has entered its traditional high season, and no further tightening policies should be expected at least in the near term.”
The average cost of a new home rose 8.2 percent from the previous seven-day period to 25,392 yuan (US$4,143) per square meter.
Three of the city’s 10 best-selling residential projects cost above 30,000 yuan per square meter, according to a separate report released yesterday by Shanghai Uwin Real Estate Information Services Co.
A Star River project in Minhang District became the most popular development when 34 units were sold for an average 34,640 yuan a square meter, Uwin data showed.
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, 298,600 square meters of new homes were sold in September.
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