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New home sales in city lowest in 4 weeks
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NEW home sales in Shanghai fell below the 200,000-square-meter threshold for the first time in four weeks as buying sentiment continued to cool down.
The purchases of new residential properties, excluding government-subsidized affordable housing, dropped 10.9 percent week-on-week to 198,100 square meters during the seven-day period ended Sunday, according to a report released today by Shanghai Uwin Real Estate Information Services Co.
They sold for an average 24,488 yuan (US$4,014) per square meter, a decrease of 3 percent from a week earlier.
"It is within our expectation that momentum has finally eased following robust sales registered between September and November," noted Huang Zhijian, chief analyst at Uwin. "As the lunar new year is approaching, the weekly sales of new homes would probably stand around 200,000 square meters over the coming few weeks with overall transaction volume for January likely to hit 900,000 square meters, a mild retreat from December when close to 980,000 square meters of new houses were sold."
On the supply side, 196,400 square meters of new homes were released to the local market for sale last week, a week-over-week decline of 3.3 percent, Uwin data showed.
Around the city, mid- to low-end residential properties were the most sought-after types in Shanghai over the past week with a Gemdale project in Nanhui, Pudong New Area, attracting the most buyers. At an average price of 16,421 yuan per square meter, the housing development saw 206 apartments sold during the seven-day period.
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