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June 30, 2020

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Shanghai new home sales soar

New home sales in Shanghai rose as expected in the last week of June, despite a modest retreat in new supply, latest market data showed.

The total area of new residential properties sold, excluding government-subsidized affordable housing, jumped 18.1 percent week over week to around 214,000 square meters during the seven-day period ending on Sunday, extending a rally for the third consecutive week, Shanghai Centaline Property Consultants Co said in a regular report yesterday.

“Remote areas posted strong performances in general with Qingpu District, the Nanhui region of Pudong and Baoshan District outperforming all by staying above the 20,000-square-meter mark,” said Lu Wenxi, Centaline’s senior researcher. “Notably, the Dragon Boat Festival witnessed extremely robust sales, far surpassing earlier expectations.”

During the three-day holiday ending on Saturday, nearly 100,000 square meters of new home space were unloaded across the city, a year-on-year surge of 170 percent, according to data.

The average price of new homes, meanwhile, dipped 1.1 percent week over week to 54,327 yuan (US$7,659) per square meter.

A project in Pudong was the most popular after selling 7,361 square meters, or 61 units, for an average price of 51,579 yuan per square meter during the period.


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