Shanghai’s new home sales drop

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November 10, 2015

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Shanghai’s new home sales drop

By Cherry Cao | November 10, 2015, Tuesday |

Print Edition

SHANGHAI posted the lowest new home sales in four weeks despite continued robust sentiment in the luxury segment, latest market data showed.

Around 318,000 square meters of new homes, excluding government-subsidized affordable housing, were sold in the first week of November, a week-on-week drop of 33.7 percent, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.

The average cost of these new homes rose 4.7 percent from the previous seven-day period to 34,858 yuan (US$5,480) per square meter.

But buying interest in high-end and luxury houses continued to stay buoyant, said Lu Qilin, director of research at Shanghai Homelink.

Last week, 485 units of new houses priced at 50,000 yuan per square meter and above were sold, a weekly rise of 39 units.

A residential project by Lujiazui Group in the Pudong New Area was the most sought-after after 171 apartments were sold last week for 57,542 yuan per square meter on average.

“Abundant supply and traditionally active buying activities for luxury properties during the year-end period jointly contributed to the vibrant sales,” Lu said.

Meanwhile, six out of the 10 best selling residential projects were sold at 30,000 yuan per square meter and above on average, Homelink data showed.

However, the supply of new homes fell 1.5 percent last week from the previous week after over 436,000 square meters of new homes in seven apartment projects were released.

Lu Wenxi, a senior research manager at Shanghai Centaline Property Consultants Ltd, said the supply was still large for this time of the year.

Developers have been extremely keen for a good “harvest” as “they strive to boost sales in the last two months of this year, hoping to tap the easing policies and continuing robust momentum among home seekers.”

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Shanghai’s new home sales drop

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