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Shanghai's home buyers stay still

By Cao Qian | 16:40 UTC+8 April 10, 2017 | Online Edition

NEW home buying sentiment plunged in Shanghai last week due to the three-day Qingming Festival despite a rebound in supply, the latest market data showed.

The area of new residential properties sold, excluding government-subsidized affordable housing, dived 66.4 percent from the previous seven-day period to less than 100,000 square meters, the lowest in seven weeks, Shanghai Centaline Property Consultants Co said in a report released today.

These new homes sold at an average price of 45,378 yuan (US$6,552) per square meter, a weekly retreat of 10.7 percent.

"The week-over-week drop was actually no surprise and such sluggish momentum might extend through the end of this month when the Labor Day holiday falls right away," said Lu Wenxi, senior manager of research at Centaline. "Most of the sales came from medium- to low-end segments which also contributed to the majority of new supply during the same period."

Citywide, outlying Nanjui in Pudong New Area took a leading role after selling some 16,000 square meters of new homes last week, immediately followed by Songjiang and Qingpu districts where 12,000 square meters and 11,000 square meters of new houses were sold, respectively, according to Centaline data.

By project, a residential development in remote Fengxian District became the most sought-after one after unloading 81 apartments at an average price of 18,051 yuan per square meter. It was also the only project in the top 10 list selling for less than 20,000 yuan per square meter. Eight other projects all cost between around 27,000 yuan per square meter and 45,000 yuan per square meter while the rest one asked for about 82,400 yuan per square meter.

New residential projects in outlying areas mainly targeting budget-tight first-time buyers dominated last week's supply which totaled 112,000 square meters, a week-over-week increase of 32.4 percent and the highest in five weeks, Centaline data suggest.

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