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New home sales ‘subdued’
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Shanghai’s new home sales market retreated last week amid a drop in new supply, the latest market data shows.
The area of new residential properties sold, excluding government-subsidized affordable housing, fell 12.6 percent to about 135,000 square meters during the seven days through Sunday after two weeks of a moderate rebound, Shanghai Centaline Property Consultants Co said in its weekly Monday report.
“An off-season factor, coupled with a frequently seen retreat during the beginning of a month, contributed to last week’s subdued performance,” said Lu Wenxi, Centaline’s senior research manager.
“However, the market still remained generally stable with the weekly transaction volume staying above the 100,000-square-meter barrier.”
Jiading District emerged as the most sought-after area with seven-day sales of 22,000 square meters.
Qingpu District, which had maintained the No. 1 position for several consecutive weeks, saw its sales fall 11.1 percent to around 16,000 square meters.
The average cost of a new home dipped 0.6 percent from a week earlier to 52,937 yuan (US$7,514) per square meter.
In last week’s top 10 by area, three cost more than 50,000 yuan per square meter, down from four the previous week.
Only about 105,000 square meters of new houses in three projects, all beyond the Outer Ring Road, were released.
That was a week-over-week dive of 36.3 percent.
“A rebound in new supply should be expected pretty soon as tightening measures will remain strictly in place as the central government has already made it very clear,” Lu said. The measures are aimed at curbing speculation.
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