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Shanghai property prices drop to a 3-month low

SENTIMENT among home buyers fell again in Shanghai last week while average cost of new houses also dropped to the lowest in about three months due to a structural shift.

The area of new residential properties sold, excluding government-subsidized affordable housing, retreated 13.1 percent to 131,000 square meters during the seven-day period ended Sunday, Shanghai Centaline Property Consultants Co said in a report released today.

New homes sold for an average 40,712 yuan (US$5,872) per square meter last week, a decrease of 8.5 percent from the previous seven-day period.

Half of the 10 best-selling projects cost no more than 30,000 yuan per square meter, with one in the remote Lingang port area registering sales of 150 apartments for an average price of 8,477 yuan per square meter. Two luxury developments with a price tag of above 100,000 yuan per square meter, however, still managed to squeeze in the Top 10 list, recording purchases of nine and two units, respectively, according to Centaline data.

On the supply side, about 173,000 square meters of new residential properties, all of which located beyond the city's Outer Ring Road, were launched in the local market, more than double from the previous week.


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