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New home sales stage rally for 2nd week
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SHANGHAI’S new home sales rebounded for a second week but a cautious sentiment lingered among developers, according to market data.
The purchases of new homes, excluding government-subsidized affordable housing, surged 35.9 percent week on week to 119,300 square meters, Shanghai Deovolente Realty Co said in a report released yesterday.
The average cost of the homes fell 8.4 percent to 27,383 yuan (US$4,371) per square meter, Deovolente data showed.
“There had been no supply of new houses in the local market for two consecutive weeks, which was quite rare,” said Lu Qilin, a Deovolente researcher.
“It could be possible that real estate developers just wanted to be a bit more cautious during this ‘sensitive’ period when the annual sessions of the National People’s Congress and the Chinese People’s Political Consultative Conference are not yet finished.”
The last time the city registered new supply was around the Spring Festival holiday when nearly 330,000 square meters of new properties were released, according to Deovolente data.
Fewer luxury houses were sold last week. Only 48 units priced at 50,000 yuan per square meter and above were purchased, down 10 from the previous seven-day period.
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