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Steam runs out for new home market after rally
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Shanghai’s new home sales market suffered a major retreat last week, putting an end to a two-week rally amid sluggish sentiment among both developers and buyers, the latest market data shows.
The area of new residential properties sold, excluding government-subsidized affordable housing, fell 43.6 percent from a week earlier to about 100,000 square meters during the seven days to Sunday, Shanghai Centaline Property Consultants Co said in a report released yesterday.
“Due to a lack of support from the medium- to low-end segment, overall transaction volume dropped to a low level again,” Lu Wenxi, senior manager of research at Centaline said. “Meanwhile, a comparatively better performance in the medium- to high-end sector continued to push up the average price.”
Around the city, the Pudong New Area was the most sought-after area with about 23,000 square meters of new homes sold, a week-on-week surge of more than 50 percent. Notably, several downtown districts including Jing’an, Changning and the former Luwan all recorded zero sales, evidence of extremely slack momentum.
The average price of a new home climbed 7.3 percent from a week earlier to 62,580 yuan (US$9,080) per square meter.
A project in outlying Chongming District was the most popular after selling 7,040 square meters, or 50 units, of new homes for an average price of 33,748 yuan per square meter.
Among the top 10 projects, seven cost more than 50,000 yuan per square meter on average, with two above the 100,000-yuan-per-square-meter threshold, according to the Centaline data.
On the supply side, only one development, with 31,000 square meters of new homes in total, was released onto the market, compared with about 325,000 square meters during the previous seven days.
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