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Residential property sales up 14%
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BUYING sentiment remained bullish for the third straight week in Shanghai, according to a latest market data.
Purchases of new residential properties, excluding the government-subsidized affordable housing, rose 14.4 percent last week from the previous seven-day period to 136,400 square meters. In its report, Shanghai Uwin Real Estate Information Services Co said real estate developers had finally stopped waiting on the sidelines.
“Despite the increase, the weekly volume was still rather low as the market is gradually picking up momentum after the Spring Festival holiday,” said Huang Zhijian, chief analyst at Uwin. “We expect this trend to continue though it is highly likely that in March we will see the lowest transaction in four years.”
Average cost of new homes fell 1.8 percent week on week to 26,889 yuan (US$4,304) per square meter. On the supply side, some 159,900 square meters of new houses were released on the local market last week. That, however, followed zero supply during the previous two weeks.
As of Sunday, new home sales had totaled 277,900 square meters this month in Shanghai.
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