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November 12, 2019

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Suburban home sales soar 1.7% in Shanghai

New home sales in Shanghai stayed above the 200,000-square-meter threshold for another week as outlying areas continued to register strong performances.

The area of new residential properties sold, excluding government-funded affordable housing, rose 1.7 percent to around 209,000 square meters during the seven-day period ending on Sunday, Shanghai Centaline Property Consultants Co said yesterday.

Nanhui, part of the Pudong New Area, led all with transactions totaling 31,000 square meters. It was followed by Songjiang and Qingpu districts, where some 27,000 and 25,000 square meters of new houses were sold, respectively.

“Notably, low- to medium-end residential properties in remote areas accounted for half of the top 10 most popular projects, which was quite rare,” said Lu Wenxi, Centaline’s senior research manager. “Meanwhile, not a single high-end development managed to get onto the list, which was also uncommon.”

On the supply side, about 117,000 square meters of new houses, spanning four projects, were launched in the city, a week-over-week drop of 45.8 percent.


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