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Weekly new home sales remain strong
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NEW home sales continued to stay above the 200,000-square-meter level for the fifth straight week in Shanghai, despite a slight fall, on strong demand for mid- to low-end houses.
The purchases of new homes, excluding government-funded affordable housing, fell 4.7 percent week on week to 247,900 square meters during the seven-day period ended Sunday, Shanghai Deovolente Realty Co said in a report released yesterday.
“The local property market remained strong amid continued robust demand among home seekers in the mid- to low-end segment, helped by policies introduced recently by the central and Shanghai governments,” said Lu Qilin, a Deovolente researcher.
“Hopefully, new home transactions will exceed 1 million square meters again this month.”
Meanwhile, new homes sold last week cost an average 28,246 yuan (US$4,563) per square meter, down 0.45 percent from a week earlier.
Among the 10 best-selling projects, six cost no more than 25,000 yuan per square meter, Deovolente data showed. A housing development in Songjiang District became the most popular project in the city for the week after selling 85 units for an average price of 24,802 yuan per square meter.
New home supply, which reflects developers’ sentiment, sank to the lowest in five weeks.
New homes totaling 150,900 square meters were released locally last week, a week-on-week plunge of 71.2 percent, according to Deovolente.
Lu said some firms were not eager to launch their projects.
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