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July 19, 2016

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Sentiment rally boosts sales of homes

MORE homes were bought in Shanghai last week as buying sentiment rebounded even as housing supply continued to shrink, according to latest market data.

The area of new homes sold, excluding government-funded affordable housing, jumped 11.1 percent to 276,500 square meters during the seven-day period ended on Sunday, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.

“The outlying districts of Songjiang, Qingpu, Jiading and Fengxian all registered quite robust sales last week with more than 200 units sold in each of them,” said Lu Qilin, director of research at Shanghai Homelink. “However, not a single residential project in the city managed to sell more than 100 units alone during the seven-day period.”

These new homes were sold for an average 36,548 yuan (US$5,458) per square meter each, a week-on-week gain of 5.4 percent.

Meanwhile, housing supply continued to shrink for the fourth straight week as only 67,700 square meters of new houses were released locally. But analysts said it was not surprising as July and August are the traditional low season for property sales.

Last week, 187 high-end houses costing 80,000 yuan per square meter and above each were sold in the city, up 77 from the previous week.


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