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Rise in sentiment fuels new home sales
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Sales of new homes rose in Shanghai last week amid an improved sentiment in the market although supply plunged, according to latest market data.
The area of new homes sold, excluding government-subsidized affordable housing, gained 3.2 percent to 303,200 square meters during the seven-day period ended on Sunday, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
鈥淭he weekly transaction volume rebounded again above the 300,000-square-meter threshold with improved momentum in the medium to low-end segment,鈥 said Ke Xiaojuan, a Homelink researcher.
Meanwhile, only 28,900 square meters of new houses were released to the local market last week, a nearly 10-month low and an 80 percent plunge week on week, according to Homelink data.
This was probably due to real estate developers 鈥渟howing lackluster interest in launching projects as the Chinese New Year holiday is approaching,鈥 Ke said.
The average cost of the new homes fell 5.8 percent to 35,905 yuan (US$5,457) per square meter.
Meanwhile, a housing project in Anting in outlying Jiading District, was the most sought-after when it sold 108 units at an average of 19,521 yuan per square meter last week.
Units in six of the city鈥檚 10 most popular projects last week cost no more than 30,000 yuan per square meter, according to Homelink data.
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