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March 26, 2019

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Shanghai weekly new home sales triple

New home sales nearly tripled in Shanghai last week amid strong supply, the latest market data released yesterday showed.

The area of new residential properties sold, excluding government-subsidized affordable housing, soared 186 percent to around 170,000 square meters during the seven days to Sunday, Shanghai Centaline Property Consultants Co said their latest weekly report.

“Last week’s major rebound, boosted by robust sales in outer areas, was not unexpected after the market lost its strength for two straight weeks,” Lu Wenxi, Centaline’s senior research manager said. “As new supply remained abundant, it was likely that seven-day sales would improve.”

The Nanhui area in Pudong, Qingpu and Songjiang districts registered extraordinary performances, unloading 37,000 square meters, 20,000 square meters and 18,000 square meters, respectively.

Outer districts such as Fengxian and Jiading also recorded sales of more than 10,000 square meters.

Citywide, new homes sold for an average 50,961 yuan (US$7,583) per square meter, down 4.7 percent week on week.

In the top 10 list, eight projects cost no more than 60,000 yuan per square meter.

One, on Chongming Island, sold for less than 28,000 yuan per square meter.

A total of 229,000 square meters of new homes in six projects went on the market last week, a weekly fall of 10.5 percent.

“As we are approaching the end of March — which usually sees a rise in transaction volume as developers gear up to boost their first-quarter performance — new home sales might even push 200,000 square meters this week,” Lu said.


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