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New homes sales in Shanghai fail to regain steam as peak season arrives
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THE first week of September registered again subdued buying momentum, a signal that the city's housing market is yet to gain steam despite the arrival of the traditional high season for property sales.
The purchases of new residential properties, excluding government-funded affordable housing, dropped 35.4 percent week-on-week to 136,600 square meters, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
The average cost of new homes rose 0.37 percent from the previous week to 25,537 yuan (US$4,119) per square meter, Uwin data showed.
"We were not off to a good start with weekly transaction volume staying below the 150,000-square-meter threshold," said Huang Zhijian, chief analyst at Uwin. "As far as the home purchase restriction remains strictly in place in Shanghai, the best way for real estate developers to boost their sales might be offering notable price cuts, which, unfortunately, were not so prevalent at the moment."
On the supply side, 205,400 square meters of new houses were released to the local market, a drop of 45.7 percent from the previous seven-day period, according to Uwin data.
Citywide, mid- to low-end projects remained to be the most sought after developments with only one out of the 10 best- selling projects cost more than 40,000 yuan per square meter.
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