Shanghai new home price falls to 10-week low

By Cherry Cao | August 5, 2013, Monday |

Online Edition

New home transactions fell below 200,000 square meters again in Shanghai last week while robust sales registered in the mid- to low-end segment dragged the city's seven-day average price to a 10-week low.

The purchases of new residential properties, excluding government-funded affordable housing, withdrew 12.7 percent from a week earlier to 191,200 square meters, Shanghai Deovolente Realty Co said in a report released today. Average cost of a new home, meanwhile, shed 2.3 percent week on week to 23,355 yuan (US$3,810) per square meter.

"Scorching weather, high home prices as well as inadequate new supply remain the major reasons behind fairly sluggish sales recorded over the past few weeks," said Lu Qilin, a Deovolente researcher. "However, we expect the momentum to gradually pick up during the rest of this month."

New houses costing less than 20,000 yuan a square meter accounted for 54.1 percent of the city's total new home sales last week, compared with 47.7 percent recorded in the previous seven-day period. And of the 10 best-selling projects, half were sold for less than 20,000 yuan per square meter, Deovolente data showed.

A CITIC Pacific Properties development in outlying Qingpu District sold 143 apartments last week, topping all other projects around the city, for an average price of 12,156 yuan per square meter.

On the supply side, some 137,800 square meters of new houses at four projects were released to the local market, a week-on-week drop of 62.5 percent.

Business Real Estate

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Shanghai new home price falls to 10-week low

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