Shanghai new home market suffers a weekly setback

By Cao Qian | August 10, 2015, Monday |

Online Edition

SHANGHAI'S new home market suffered a major setback last week with declines in both volume and price, latest industry data showed.

The area of new residential properties sold, excluding government-subsidized affordable housing, dropped 32.9 percent from the previous week to 220,100 square meters, the lowest seven-day volume in nearly four months, Shanghai Lianjia, previously known as Shanghai Deovolente Realty Co, said in a report released today.

The new homes were sold for an average price of 31,184 yuan (US$5,012) per square meter, a week-over-week retreat of 7.8 percent and the lowest in almost three months, according to the report.

"Following robust sales since May through July, coupled with notably inadequate supply during recent months, the first week of August witnessed a clear cool-down in buyers' sentiment," said Lu Qilin, director of research at Shanghai Lianjia. "In particular, there's a rebound in the medium- to low-end segment, which also dragged down the average price."

Four of the 10 most popular housing projects last week were sold for no more than 25,000 yuan per square meter, Shanghai Lianjia's data showed. Citywide, a development in outlying Nanjui, Pudong New Area, which unloaded 114 apartments at an average price of 14,758 yuan per square meter during the seven-day period, became the most sought-after project for the week.

New home supply, meanwhile, rebounded 61.3 percent to 73,400 square meters, according to Shanghai Lianjia data.

Business Real Estate

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Shanghai new home market suffers a weekly setback

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