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Shanghai new home sales remain stable
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SHANGHAI'S new home sales market remained stable last week with both volume and price registering moderate growth, according to latest industry data.
The area of new residential properties sold, excluding government-funded affordable housing, climbed 8 percent to 237,700 square meters during the seven-day period ended Sunday, while average cost rose 1.7 percent week over week to 31,703 yuan (US$4,949) per square meter, Shanghai Homelink Real Estate Agency Co said in a report released today.
"The city's housing market started to see some cool-off signs since the beginning of this month but overall sentiment remained rather stable over the past two weeks despite notably inadequate supply," said Lu Qilin, director of research at Shanghai Homelink. "Therefore, it is still likely that this month might still end up as the best-performing August in six years in terms of transaction volume."
Medium- to high-end properties dominated last week's top ten list with eight of them bearing a price tag of more than 30,000 yuan per square meter. In the luxury segment, which counts residential properties with a price of 50,000 yuan per square meter and above, a total of 181 such units were sold across the city last week, a rise of four from the previous seven-day period, according to Homelink data.
On the supply side, meanwhile, about 130,600 square meters of new housing properties, all of which located in outlying areas beyond the city's Outer Ring Road, were released to the local market last week. That represented a week-over-week increase of 78 percent and was also the first time above the 100,000-square-meter threshold in three weeks.
"We expect to see a rebound in the sales of medium- to low-end properties in the next two weeks through the end of August as supply in this segment picked up recently," said Lu Wenxi, senior manager of research at Shanghai Centaline Property.
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