Shanghai new home sales and prices slide

By Cherry Cao | May 12, 2014, Monday |

Online Edition

SHANGHAI'S new housing market extended weakness for another week with extremely sluggish sentiment prevalent among both home seekers and real estate developers.

The purchases of new residential properties, excluding government-funded affordable housing, dipped 0.7 percent week on week to 125,100 square meters, Shanghai Uwin Real Estate Information Services Co said in a report released today.

The average cost of the new homes fell 4.1 percent from the previous seven-day period to 26,777 yuan (US$4,319) per square meter, Uwin data showed.

"The slack momentum was really uncommon for this time of year as May is often when the market fully rebounds from the seasonal low of Spring Festival," said Huang Zhijian, chief analyst at Uwin. "To make it even worse, developers seemed very hesitant to release projects as they are still struggling whether to offer significant discounts to unload their inventory."

Only 68,100 square meters of new houses were launched for sale last week, a week-on-week drop of 43.2 percent, according to Uwin. That compared to an average weekly supply of 227,100 square meters released in the city over the past 12 months.

Citywide, a residential project in outlying Nanqiao, Fengxian District, was the most popular among home searchers after 56 units were sold for an average price of 22,191 yuan per square meter during the seven-day period ended Sunday.

As of Sunday, about 164,200 square meters of new houses had been sold in Shanghai in May, a daily average of only 14,900 square meters, Uwin data showed.

Real Estate

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Shanghai new home sales and prices slide

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