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Shanghai’s new home sales warm up last week

SEVEN-DAY sales of new homes rose to this year's highest in Shanghai with average price remaining little changed due to insignificant structural shift, latest market data suggest.

The area of new residential properties sold, excluding government-subsidized affordable housing, jumped 34.5 percent to 163,000 square meters last week, Shanghai Centaline Property Consultants Co said in a report released today.

The outlying district of Jiading, which has seen rather abundant supply recently, recorded weekly sales of 39,000 square meters, the most among its counterparts around the city. It was immediately followed by Qingpu and Songjiang, where about 20,000 square meters of new houses were sold in both districts during the seven-day period, Centaline data showed.

"It was actually the first major rebound we saw this year but it still seemed a bit far from the 200,000-square-meter weekly threshold which is usually considered an average level," said Lu Wenxi, senior manager of research at Centaline. "It is hard to say whether such strength could be maintained for another week."

The average price of new homes sold last week edged up 1.1 percent to 45,881 yuan (US$6,628) per square meter, with medium to low-end properties continually playing a dominant role.

Citywide, a residential project in Jiading sold 320 apartments last week at an average cost of 31,219 yuan per square meter, comfortably outperforming all other counterparts around the city. Among the 10 most popular projects, two asked for more than 50,000 yuan per square meter on average while the rest eight cost between 31,000 yuan per square meter and 46,000 yuan per square meter, according to Centaline data.

Supply of new houses also rose notably amid improved sentiment among real estate developers.

About 100,000 square meters of new residential properties were released to the local market last week, a surge of 48.5 percent from the previous period.

Notably, a CITIC development in remote Zhujiajiao of Qingpu launched 39,000 square meters of new houses alone last week and these townhouses sold for 33,000 yuan per square meter on average.


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