Shanghai’s property sector remains lackluster

By Cherry Cao | 17:14 UTC+8 May 15, 2017 |

Online Edition

SENTIMENT among home buyers and real estate developers remained lackluster for another week in Shanghai, latest market data suggest.

The area of new residential properties sold, excluding government-funded affordable housing, fell 9.4 percent from the previous week to 149,800 square meters during the seven-day period ended Sunday, Shanghai Homelink Real Estate Agency Co said in a report released today.

Costs of new homes stood at around 48,662 yuan (US$7,036) per square meter, down 3.2 percent from the previous week.

"Transaction of new houses remained below 150,000 square meters in four of the past six weeks, an indication of prevalent 'wait-and-see' momentum," the report said. "New home supply, on the other hand, also remained low despite an insignificant rebound."

Across the city, some 108,200 square meters of new residential properties were introduced to the local market, compared to 81,200 square meters launched in the previous week, Homelink data showed.

By area, outlying Baoshan District registered the most robust sales with four of the 10 best-selling projects located in the northern district.

The city's most sought-after housing development, located in Dachang area in Baoshan, sold 161 units alone for an average price of 57,515 yuan per square meter last week. A project in Tinglin in even remoter Jinshan District trailed closely with weekly sales hitting 110 units at an average cost of 18,395 yuan per square meter.

Nation

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Shanghai’s property sector remains lackluster

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