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December 13, 2016

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Home » Business » Real Estate

Sales of new houses drop by 13%

SENTIMENT among Shanghai home buyers fell again last week as average cost of new houses dropped to a three-month low due to a structural shift.

The area of new residential properties sold, excluding government-subsidized affordable housing, retreated 13.1 percent to 131,000 square meters during the seven-day period ending Sunday, Shanghai Centaline Property Consultants Co said.

Citywide, outlying Baoshan District led with a weekly transaction volume of 30,000 square meters, followed by Songjiang’s 20,000 square meters.

“Jiading District and the Pudong New Area, the two major areas in the city that usually take the lead, registered just over 8,000 square meters’ new home purchases last week — a signal for weak momentum in the local market at the moment,” said Lu Wenxi, senior manager of research at Centaline.

“Stronger sales at medium- to low-end projects, meanwhile, dragged down the average price to a nearly three-month low.”

New homes sold for an average 40,712 yuan (US$5,872) per square meter last week, a decrease of 8.5 percent from the previous seven-day period.

Half of the 10 best-selling projects cost no more than 30,000 yuan per square meter, with one in the remote Lingang port area registering sales of 150 apartments for an average price of 8,477 yuan per square meter. Two luxury apartments complexes with a price tag of above 100,000 yuan per square meters, however, still managed to squeeze in the top 10 list, recording purchases of nine and two units, respectively.

On the supply side, about 173,000 square meters of new residential properties, all of which are located beyond the Outer Ring Road, were launched in the local market, more than double the previous week.

“That was the largest seven-day supply registered so far this quarter and asking prices at these projects all seemed to be around the average level in their own neighbourhood,” Lu said in the report.


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