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Shanghai home purchases increase 7%
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SENTIMENT among home buyers and real estate developers continued to rebound in Shanghai last week despite overall weakness in the housing market.
The purchases of new residential properties, excluding government-subsidized affordable housing, rose 7 percent week on week to 196,400 square meters across the city, Shanghai Uwin Real Estate Information Services Co said in a report released today.
It was the second straight weekly gain.
The new homes cost an average of 26,341 yuan (US$4,248) per square meter, an increase of 2 percent from the previous week, according to Uwin.
"Despite the rebound, transactions remained below the weekly average of 221,500 square meters registered over the past 12 months for the fourth consecutive week," said Huang Zhijian, Uwin's chief analyst. "The market won't likely see a major rebound unless the supply of mid- to low-end projects increases or price discounts are offered."
On the supply side, about 221,500 square meters of new homes were released to the market last week, a surge of 28.6 percent from the previous seven-day period. That, however, compared to a weekly average of 234,500 square meters recorded over the last 12 months, Uwin data showed.
Citywide, a Citic development in outlying Qingpu District sold 187 units at an average price of 14,498 yuan per square meter, the city's best-selling project last week.
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