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Sales of residential properties up 53%
Print Edition
HOME buying sentiment surged in the last week of August but a structural shift caused a notable drop in the mean selling price, latest market data showed.
The area of new residential properties sold, excluding government-subsidized affordable housing, jumped 53.3 percent to 397,600 square meters in Shanghai last week, Shanghai Homelink Real Estate Agency Co said in a report yesterday. However, the average cost of new homes plunged 15.7 percent week-over-week to 26,806 yuan (US$4,192) per square meter, standing below the 30,000-yuan-per-square-meter threshold for the first time since May.
Among the 10 best-selling projects, six cost no more than 30,000 yuan per square meter, suggesting a return of budget-tight home buyers to the market as a dominant force. In particular, none of the top three most sought after projects last week asked for more than 14,000 yuan per square meter.
In the luxury segment, which refers to those asking for a price of 50,000 yuan per square meter and above, 250 units were sold during the seven-day period ended Sunday, a week-on-week increase of 58.
On the supply side, new residential properties totaling 167,600 square meters from five projects were released to the local market last week, a weekly dive of 52 percent.
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