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Shanghai’s property market sees stronger buying sentiment with ample supply
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NEW home buying sentiment in Shanghai climbed above the 300,000-square-meter threshold last week amid ample supply, latest market data suggest.
The area of new residential properties sold, excluding government-funded affordable housing, rose 20.6 percent to 328,000 square meters during the seven-day period ended Sunday, Shanghai Centaline Property Consultants Co said in a report released today.
By area, Jiading District led all with weekly transaction volume hitting 53,000 square meters, a surge of 60 percent from the previous week. Qingpu and Fengxian followed with more than 40,000 square meters of new houses being sold in each district, according to Centaline data.
These new homes were sold for an average 36,092 yuan (US$5,422) per square meter, a week-over-week increase of 1.4 percent.
"Fuelled by abundant supply, the market registered quite active performance last week with housing projects costing around 30,000 yuan per square meter being the most popular among buyers," said Lu Wenxi, a senior manager of research at Centaline. "The market will probably extend its strength for another week or two as developers gear for their mid-year results."
Across the city, a residential project in Jiading with a price tag of 25,791 yuan per square meter became the most sought-after one after unloading 65 units during the past seven-day period. Half of the 10 best-selling developments were priced between a range of 30,000 yuan and 33,000 yuan per square meter, Centaline data showed.
Despite a double-digit decrease, new home supply remained at a rather high level of about 250,000 square meters, which represented a week-on-week drop of 16.9 percent.
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