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August 2, 2016

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Sales of new homes continue to climb

SALES of new homes in Shanghai climbed over 5 percent in July for the third straight month despite the extremely hot weather while the average price also rose to a monthly record.

The area of new homes sold, excluding government-subsidized affordable housing, continued to rise for the third month in a row by 5.2 percent from June to 1.31 million square meters, Shanghai Homelink Real Estate Agency Co said in a report released yesterday. The new homes were sold for an average 37,319 yuan (US$5,614) per square meter, a monthly record in Shanghai and up 1.6 percent from June, according to Homelink data.

“Despite the unfavorable weather, new home transactions soared to the third highest so far this year though July is a traditional low season for property sales in Shanghai,” said Lu Qilin, director of research at Shanghai Homelink. “Developers, particularly those of high-end and luxury projects, were active in releasing their developments and that helped lift the average price to a new high.”

Around 786,000 square meters of new homes were released to the local market last month, a monthly gain of 7.5 percent.

More than half of the new supply asked for an average price of 50,000 yuan per square meter and above while those costing below 30,000 yuan per square meter took up just over 20 percent, Homelink data showed.


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