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April 2, 2020

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New home sales triple, supply up

New home sales more than tripled in Shanghai last month amid a slow recovery in supply.

The area of new residential properties sold, excluding government-subsidized affordable housing, surged 227.8 percent from February to 377,000 square meters, according to Shanghai Centaline Property Consultancy Co’s latest monthly report.

“With the coronavirus disease outbreak gradually being brought under control in China and more industries resuming operations, the city’s property market is also getting back to normal although at a slow pace,” said Lu Wenxi, Centaline’s senior research manager.

“New supply finally returned at the end of March after an absence of 10 consecutive weeks and that helped restore some confidence.”

The average price for a new home fell 5.3 percent to 56,952 yuan (US$8,019) per square meter.

For the second straight month, a Shui On Land project in Hongkou District topped the list, selling 14,404 square meters, or 100 apartments, for an average price of 108,750 yuan per square meter. Two medium- to low-end developments in outlying Jiading District sold 11,497 square meters and 11,167 square meters at an average 34,895 yuan and 31,416 yuan per square meter.

About 43,000 square meters, covering two projects, came onto the market — all in the last week of March — compared with no new supply in February.


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