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Sluggish sales of new home set for August in Shanghai
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THE month of August will likely finish with very sluggish sales of new homes after seven-day transactions remained below the 150,000-square-meter threshold for the third straight week.
The purchases of new residential properties, excluding government-funded affordable housing, fell 0.98 percent to 129,700 square meters last week, Shanghai Uwin Real Estate Information Services Co said in a report released today.
"The local new housing market seemed to turn even tougher following seven months' subdued performance despite a comparatively 'cool' summer, which should usually benefit property purchase," said Huang Zhijian, chief analyst at Uwin. "As of Sunday, new home sales in August only totaled 442,600 square meters in the city, or a daily average volume of 18,400 square meters."
Average cost of new homes dipped 0.1 percent week over week to 26,245 yuan (US$4,233) per square meter with six of the 10 best sellers bearing a price tag of less than 20,000 yuan a square meter, Uwin data showed.
In particular, a Wanda development in outlying Jinshan District became the city's most sought after project after unloading 74 units during the seven-day period at an average price of 11,777 yuan per square meter.
Supply of new homes, meanwhile, plunged to less than 100,000 square meters last week amid cautiousness among developers.
About 99,300 square meters of new residential properties were released across the city last week, a week-on-week drop of 51.4 percent, according to Uwin data.
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