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March 7, 2017

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Home » Business » Real Estate

Weak pickup in new home sales

HOME buying sentiment rose for the fourth straight week in Shanghai, but at a slower pace as projects in outlying areas again outperformed their counterparts in downtown locations.

The area of new homes sold, excluding government-subsidized affordable housing, climbed 3.4 percent to 129,000 square meters last week, Shanghai Centaline Property Consultants Co said in a report released yesterday.

“Last week’s rebound was rather weak, partly because no new projects, or new batches of existing developments, were launched across the city during the weekend,” said Lu Wenxi, senior manager of research at Centaline.

The new homes were sold for an average 48,327 yuan (US$7,008) per square meter, up 12.3 percent from the previous week.

The remote Qingpu and Songjiang districts registered the largest seven-day transaction volume of 21,000 square meters and 19,000 square meters, respectively.

A high-end project in Sanlin in the Pudong New Area sold 60 apartments last week at an average of 87,427 yuan per square meter to rank as the most sought-after development. A medium and low-end project in Baoshan District was next after selling 51 units for an average of 34,527 yuan per square meter.

A total of 149,000 square meters of new houses were released locally, a week-on-week surge of 278 percent. Most are located in remote areas of Songjiang, Qingpu and Jiading districts, according to Centaline data.

“We expect new home sales to grow further in the coming weeks as supply continues to increase but the pace might remain moderate as it still takes time for the ‘wait-and-see’ momentum to dissipate,” Lu said.


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