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March 20, 2019

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Home » Business » Real Estate

Supply up, home sales slide further

Shanghai’s new housing sales continued to lose momentum last week despite increased supply, the latest market data showed yesterday.

The area of new residential properties sold, excluding government-subsidized affordable housing, plunged 40 percent to around 59,000 square meters during the seven days to Sunday, Shanghai Centaline Property Consultants Co said in its latest report.

“This was an even larger fall than the week before, although March is traditionally a season of major rebounds in sales,” Lu Wenxi, Centaline’s senior research manager said. “Only one district posted sales exceeding 10,000 square meters while not a single project managed to sell more than 100 units during the period.”

Baoshan District stayed above the 10,000-square-meter threshold, followed by Jiading District where seven-day sales fell nearly 10 percent to around 8,200 square meters.

Citywide, new homes sold for an average 53,483 yuan (US$7,960) per square meter, a week-on-week decrease of 8 percent.

In the top 10 list, six projects cost between 30,000 yuan per square meter and 60,000 yuan per square meter.


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