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Shanghai’s housing market firms
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SHANGHAI’S housing market continued to strengthen on robust sentiment from both real estate developers and home buyers.
The area of new homes sold, excluding government-subsidized affordable housing, rose 13.8 percent to 337,700 square meters last week, Shanghai Homelink Real Estate Agency Co said in a report released yesterday. These new houses cost an average 32,105 yuan (US$5,046) per square meter, a week-on-week gain of 6.4 percent.
“As easing policies remained in place, the city’s housing market strengthened for another week, with new supply hitting a rarely seen seven-day high of more than 630,000 square meters,” said Lu Qilin, director of research at Shanghai Homelink. “Notably, a couple of high-end projects introduced new supply, hoping to take advantage of the prevalent strong sentiment among home seekers.”
New homes, mainly apartments, totaling 630,500 square meters in 19 projects were released locally, a week-on-week surge of 75.2 percent and the highest seven-day volume in years, Homelink data showed.
The strong sales of high-end homes led to a price rise while more luxury homes were sold.
“With abundant supply of medium to high-end developments coming into the market, we are seeing an improving sentiment in the residential sales market through the end of October with anticipated increases in transaction volume and selling price,” Lu said.
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