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September 6, 2016

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Robust sentiment fuels new home sales

SENTIMENT among home buyers in Shanghai continued to be strong last week, especially in outlying districts, although the overall supply of houses remained inadequate, according to latest market data.

The area of new homes sold, excluding government-subsidized affordable housing, climbed 2.1 percent week over week to 567,000 square meters, the third straight increase since mid August, Shanghai Centaline Real Estate Agency Co said yesterday.

“Outlying districts continued to lead with Qingpu and Songjiao registering extremely robust sales, closely followed by Pudong New Area,” said Lu Wenxi, senior research manager at Shanghai Centaline. “In particular, the daily transaction volume of new houses exceeded 150,000 square meters per day during the last three days of August, two or three times more than the volume on other days.”

The average cost of these new homes was nearly flat at 43,549 yuan (US$6,507) per square meter.

Meanwhile the supply of new homes in the city fell 2.2 percent week over week to around 81,000 square meters last week.


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