Shanghai new housing sales drop

By Cherry Cao | January 12, 2015, Monday |

Online Edition

SHANGHAI'S new housing market failed to extend its strength for another week with transaction volume plunging nearly a half from the previous seven-day period, latest market data suggested.

Sales of new residential properties, excluding government-subsidized affordable housing, dropped 49.6 percent to 163,000 square meters last week, Shanghai Uwin Real Estate Information Services Co said in a report released today.

"It was a sharp contrast to what was registered in December, which was the most robust month in 2014 in terms of sales," said Huang Zhijian, chief analyst at Uwin. "If this slack momentum continues, then the monthly volume of January will be less than half of what was achieved in December last year."

By cost, new homes sold last week averaged 26,820 yuan (US$4,326) per square meter, a week-over-week drop of 11.7 percent, Uwin data showed.

For instance, five of the ten best-selling projects, most located in outlying areas of Shanghai, cost no more than 18,000 yuan per square meter.

Across the city, a residential project in Sijing, Songjiang District, recorded sales of 30 apartments last week at an average price of 20,484 yuan per square meter, or the most popular among local buyers.

On the supply side, about 168,100 square meters' new houses were released to the market, little changed from the previous week, Uwin data showed.

As of Sunday, new home transaction totaled 228,900 square meters in January in the city. That compared to 1.37 million registered in December, according to Uwin.

Real Estate

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Shanghai new housing sales drop

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