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Sentiment leads sales of low-end homes
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A rising home-buying sentiment boosted sales in the low-end housing market in Shanghai last week.
The area of new homes sold, excluding government-subsidized affordable housing, rose 5.7 percent from the previous seven-day period to 484,000 square meters, Shanghai Centaline Property Consultants Ltd said in report released yesterday.
Their average price fell 1.8 percent week on week to 31,942 yuan (US$4,930) per square meter, Centaline data showed.
“The market remained buoyant despite the drop in average price,” said Lu Wenxi, a senior manager of research at Centaline. “Notably, 345,000 square meters of new homes sold last week cost less than 25,000 yuan per square meter.”
Units in the five of the 10 most sought-after projects cost 20,000 yuan per square meter or less. A project in outlying Fengxian District sold 160 apartments last week for an average 26,554 yuan per square meter, making it the most popular project in the city.
Supply surged 158.1 percent weekly to 192,000 square meters last week, the data showed.
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