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Weakness dents new home sales
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SUBDUED buying sentiment continued to cloud Shanghai’s housing market in the first week of September despite the arrival of the traditional high season for property sales.
The purchases of new homes, excluding government-funded affordable housing, dropped 35.4 percent week on week to 136,600 square meters, Shanghai Uwin Real Estate Information Services Co said in a report.
“We were not off to a good start with weekly transaction volume staying below the 150,000-square-meter threshold,” said Huang Zhijian, chief analyst at Uwin.
“As home purchase restrictions remain in place in Shanghai, the best way for real estate developers to boost their sales might be to offer notable price cuts, which, unfortunately, are not prevalent at the moment.”
The average cost of new homes gained 0.37 percent from the previous week to 25,537 yuan (US$4,161) per square meter, Uwin data showed.
The city saw the release of 205,400 square meters of new houses last week, a drop of 45.7 percent from the previous seven-day period, according to the data.
Mid- to low-end projects were the most sought after in the city with only one out of the 10 best-selling developments costing more than 40,000 yuan per square meter.
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