No effect from supply drop on homes sold

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November 17, 2015

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No effect from supply drop on homes sold

By Cherry Cao | November 17, 2015, Tuesday |

Print Edition

THE area of new homes sold in Shanghai rose more than 2 percent last week despite a drop in the supply of new homes, according to market data.

Around 324,600 square meters of new homes, excluding government-subsidized affordable housing, were sold last week, up 2.1 percent from the previous week, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.

They were sold for an average 34,900 yuan (US$5,480) per square meter, up 0.1 percent from a week earlier.

The Pudong New Area and Songjiang, Qingpu and Jiading districts led others with weekly transactions exceeding 300 units each.

“Around the city, medium to high-end properties remained sought after by home seekers last week with half of the 10 best selling projects costing 30,000 yuan per square meter and above,” said Lu Qilin, director of research at Shanghai Homelink.

A total of 470 new homes priced at 50,000 yuan per square meter and above were sold in the city last week, a week-on-week decline of 15 units. It was the fourth straight week that the seven-day sales of luxury homes stayed above the threshold of 400, indicating robust sentiment among affluent buyers.

But Lu highlighted that new home supply “fell to a nearly three-month low with a notable drop in medium to low-end developments.” Only 124,800 square meters of new houses were released to the local market last week, a week-on-week decrease of 71.4 percent.

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No effect from supply drop on homes sold

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