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Shanghai’s housing market continues to cool down

By Cherry Cao | November 7, 2016, Monday | Online Edition

WEAK sentiment extended for another week in Shanghai's new housing market with no developers releasing a single unit for the second time in three weeks.

The area of new residential properties sold, excluding government-subsidized affordable housing, fell 12 percent from the previous week to 182,000 square meters during the seven-day period ended on Sunday, losing strength for the third consecutive week, Shanghai Centaline Property Consultants Co said in a report released today.

Sentiment among real estate developers, meanwhile, freezed again, following a release of less than 1,000 square meters in the previous week and zero supply in the week before last, Centaline data showed.

"The local market has certainly cooled down as the government expected and the weak momentum should continue to prevail amid ever tightened credit at commercial banks," said Lu Wenxi, senior manager of research at Centaline.

Citywide, outlying Jiading District continued to lead all with seven-day transaction volume hitting 49,000 square meters. Pudong New Area, where 21,000 square meters of new houses were sold last week, followed.

The average cost of new houses fell 5.2 percent week over week to 43,607 yuan (US$6,427) per square meter, due to rather robust demand from first-time buyers, Centaline data showed.

A residential project in Jiading was the most popular one after selling 128 units last week at an average 38,837 yuan per square meter. Another development in the same district immediately trailed it after 124 units were purchased at an average price of almost 27,000 yuan per square meter.

Among the 10 best-selling projects, four cost less than 30,000 yuan per square meter.

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