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March 14, 2017

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No major rally as new home sales drop

A major recovery is yet to surface in Shanghai’s housing market where new home sales fell for the first time in five weeks and real estate developers released a smaller supply of houses.

The area of new homes sold, excluding government-subsidized affordable housing, fell 6.2 percent to 121,000 square meters last week, Shanghai Centaline Property Consultants Co said in a report released yesterday.

Purchases of new homes were robust in the city’s outlying districts of Qingpu and Jiading, which sold 21,000 square meters and 20,000 square meters respectively over the seven-day period, Centaline data showed.

“After a four-week rally, the local housing market retreated as cautious sentiment dominated,” said Lu Wenxi, senior manager of research at Centaline.

“None of the projects in the top-10 list cost over 60,000 yuan (US$8,680) per square meter, and the best-selling development sold just 100 units during the seven-day period.”

The average cost of new homes sold last week was 45,393 yuan per square meter, a week-on-week drop of 6.1 percent.

A development in Jiading sold 100 apartments for an average of 31,406 yuan per square meter. A project in even more remote Fengxian sold 75 units for an average of 19,108 yuan per square meter, according to Centaline data.

Real estate developers citywide released 67,000 square meters of new houses last week, a weekly plunge of 55 percent. Medium to low-end projects again dominated the market with most new supply costing around 40,000 yuan per square meter or below.


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