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November 8, 2016

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Weak sentiment hits new home market

WEAK sentiment lingered in Shanghai’s new home market, which saw sales decline last week, while developers didn’t even release a single unit for the second time in three weeks.

The area of new homes sold, excluding government-subsidized affordable housing, fell 12 percent from the previous week to 182,000 square meters during the seven-day period ended on Sunday, amid weakening sentiment for the third straight week, Shanghai Centaline Property Consultants Co said in a report released yesterday.

Sentiment among real estate developers froze again, following the release of under 1,000 square meters in the previous week and zero supply in the week before last, according to Centaline data.

“The local market has certainly cooled as the government expected, and the weak momentum should continue to prevail amid tightened credit at commercial banks,” said Lu Wenxi, senior research manager at Centaline.

The city’s outlying Jia­ding District continued to lead with seven-day transactions hitting 49,000 square meters. The Pudong New Area followed with 21,000 square meters of new houses sold last week.

The average cost of new houses fell 5.2 percent week on week to 43,607 yuan (US$6,440) per square meter, due to robust demand from first-time buyers, Centaline data showed.

A project in Jiading was the most popular after selling 128 units last week at an average 38,837 yuan per square meter.


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