Shanghai new home sales slip to 11-week low

By Cherry Cao | May 5, 2014, Monday |

Online Edition

NEW home sales in Shanghai fell to the lowest in 11 weeks as sluggish momentum continued to prevail among home buyers and real estate developers.

The purchases of new residential properties, excluding government-subsidized affordable housing, dropped 35.9 percent week on week to 125,900 square meters, Shanghai Uwin Real Estate Information Services Co said in a report released today.

The average cost of the new houses, meanwhile, rose 6 percent from the previous week to 27,933 yuan (US$4,505) per square meter, according to Uwin.

"The extremely small volume of transactions was partly due to the three-day Labor Day holiday," said Huang Zhijian, chief analyst at Uwin. "However, it is also true that more people are choosing to sit on the sidelines before clearer signals can be sensed."

Developers released 119,800 square meters of new residential properties last week, a week-on-week dive of 45.9 percent.

Citywide, a Citic project in Zhujiajiao in outlying Qingpu District, sold 51 units at an average price of 13,986 yuan per square meter, leading all others by sales volume for the seven-day period.

While the beginning of May was not so encouraging overall monthly sales may improve if developers release more mid-to-low end projects or provide discounts, industry analysts said.

Business Real Estate

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Shanghai new home sales slip to 11-week low

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