New home sales rise as developers boost supply

By Cherry Cao | March 17, 2015, Tuesday |

Online Edition

BUYING sentiment continued to rebound in Shanghai last week while real estate developers finally stopped sitting on the sideline, according to latest market data.

The purchases of new residential properties, excluding government-subsidized affordable housing, rose 14.4 percent from the previous seven-day period to 136,400 square meters, extending strength for the third straight week, Shanghai Uwin Real Estate Information Services Co said in a report released today.

"Despite the increase, the weekly volume was still rather low as the market is gradually picking up its momentum after the Spring Festival holiday," said Huang Zhijian, chief analyst at Uwin. "We expect this trend to continue though it is highly likely that this March will see the lowest transaction in four years."

Average cost of new homes fell 1.8 percent week over week to 26,889 yuan (US$4,288) per square meter, Uwin data showed.

On the supply side, some 159,900 square meters of new houses were released to the local market last week. That, however, followed zero supply during the previous two weeks.

Citywide, a luxury development in Taopu, Putuo District, sold 40 units at an average price of 50,300 yuan per square meter last week, topping all others in terms of volume, Uwin data showed. Notably, among the city's 10 most popular projects, four cost 30,000 yuan a square meter and above, indicating a rebound in demand for medium- to high-end properties.

As of Sunday, new home sales totaled 277,900 square meters in March. That compared to 766,500 square meters in January, according to Uwin research.

Business Real Estate

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New home sales rise as developers boost supply

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