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Shanghai’s new home market robust
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Shanghai’s new housing market remained robust in August with strong sales, and developments coming on line.
New residential properties sold, excluding government-subsidized affordable housing, jumped 18.7 percent from a month earlier to 976,000 square meters, according to Shanghai Centaline Property Consultancy Co’s monthly report released yesterday.
“August’s performance was below market expectations with the second half recording extremely robust transactions, almost equivalent to the level usually seen during the high season,” said Lu Wenxi, Centaline’s senior research manager.
“Along with a surge in new supply, we are very upbeat on September sales,” Lu added.
The average price of a new home was 55,349 yuan (US$8,084) per square meter.
That was down 0.8 percent from July, Centaline said.
The strongest two developments were in Minhang District, both at more than 60,000 yuan per square meter.
A total of 615 apartments were sold at the two projects last month, Centaline said.
One development in the Pudong New Area, which sold 138 apartments for an average of more than 84,000 yuan per square meter, ranked No. 7 on the list.
On the supply side, more than 1.05 million square meters of new housing covering all segments from luxury to low-end were launched into the local market last month.
That was 162.7 percent up from July and the highest monthly figure since 2019, according to Centaline data.
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