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March 27, 2018

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New home sales surge on supply

By Cao Qian | 00:01 UTC+8 March 27, 2018 | Print Edition

NEW home transactions exceeded the 100,000-square-meter threshold for the first time in seven weeks in Shanghai amid a rebound in supply, latest market data showed.

The area of new homes sold, excluding government-subsidized affordable housing, jumped 39 percent to about 116,000 square meters last week, Shanghai Centaline Property Consultants Co said in a report released yesterday.

The outlying districts of Jiading and Qingpu kept their leading positions amid rather ample supply compared to their more centrally-located counterparts. Some 25,000 square meter of new houses were sold in Jiading during the seven-day period through Sunday, a week-over-week rise of 8.7 percent. Qingpu, where seven-day sales totaled around 21,000 square meters, saw a surge of 40 percent, Centaline said.

The average cost of the new homes further rose to 46,562 yuan (US$7,369) per square meter, up a moderate 4.6 percent from the week earlier.

Mid-end homes priced between 30,000 yuan per square meter and 50,000 yuan per square meter continued to dominate the local market with seven out of the 10 best-selling developments falling into that range, according to Centaline data.

A project in southern Minhang District costing 68,881 yuan per square meter became the most sought-after after selling 14,770 square meters, or 128 units, during the seven-day period.

About 126,000 square meters of new homes spanning four projects were released locally last week, compared to zero supply in the previous week.

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