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April 8, 2020

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Weekly new home sales plunge

Sentiment among new home buyers retreated in Shanghai last week from an over two-month high as real estate developers chose to sit on the sidelines again.

The total area of new residential properties sold, excluding government-funded affordable housing, dropped 29.3 percent week over week to around 88,000 square meters during the seven days to Sunday, Shanghai Centaline Property Consultants Co said in its weekly report yesterday.

Almost all districts, particularly outlying ones which had previously been the dominant force in the market, saw major setbacks. Jiading District plunged below the 8,000-square-meter mark, from 22,000 square meters a week earlier. The Nanhui region of the Pudong New Area, the No. 2 location by volume in the previous seven days, saw its sales drop 35.7 percent to around 9,200 square meters.

Bucking the trend was Huangpu District, which shot to first place after selling about 11,000 square meters of new homes, pushing the average price to a year-to-date high.

New homes in Shanghai sold for an average 64,404 yuan (US$9,082) per square meter, a week-over-week increase of 17.5 percent, Centaline said.

“Last week’s decline was not unexpected actually, for it’s pretty normal to see a withdrawal at the beginning of a month while the just-finished three-day Qingming Festival holiday also kept home-seekers away,” said Lu Wenxi, Centaline’s senior researcher. “Notably, a luxury residential project managed to register quite robust sales, sending a positive signal that the market is still recovering, despite at a rather slowly pace.”

A Greenland project in Dongjiadu, Huangpu District, sold 9,222 square meters, or 52 units, for an average price of 143,304 yuan per square meter, dwarfing all others around the city.

It was also the only one in the top 10 list that managed to register weekly sales of over 3,000 square meters.


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