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April 16, 2019

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Home » Business » Real Estate

City’s new home sales stay subdued

Source: Agencies | 00:00 UTC+8 April 16, 2019 | Print Edition

New home sales remained subdued in Shanghai last week amid a comparative slowdown in supply, the latest weekly survey shows.

Excluding government-subsidized affordable housing, sales remained unchanged at about 168,000 square meters during the seven days to Sunday, Centaline Property Consultants Co’s weekly report showed yesterday.

“Robust performances registered in outer areas such as the former Nanhui District and western Qingpu District enabled weekly sales to stay above the 150,000-square-meter threshold,” said Lu Wenxi, Centaline’s senior research manager.

“The average price, as a result, was dragged down a bit as medium to low-end projects dominated the top 10 list.”

The former Nanhui District, part of the Pudong New Area now, recorded sales of 31,000 square meters, a week-on-week surge of 158.3 percent. Qingpu recorded sales of 24,000 square meters, up 26.3 percent, followed by Pudong — excluding Nanhui — which dropped 25 percent to about 18,000 square meters.

Citywide, new homes sold for an average 51,642 yuan (US$7,695) per square meter, a week-on-week decrease of 8.7 percent.

In the top 10 by transaction area, six projects sold for less than 40,000 yuan per square meter. The remaining four sold for more than 50,000 yuan.

A project in Nanhui was the most sought-after development, selling 18,060 square meters, or 205 units, for an average 27,534 yuan per square meter, followed by a project in Fengxian District, which unloaded 9,353 square meters, or 83 apartments, for an average 35,665 yuan per square meter.

A total of 114,000 square meters over three projects were released into the market last week, a week-on-week increase of 5.1 percent — but below the weekly average so far this year.

Around the country, major property developers saw sales pick up in March as the market in first- and second-tier cities warmed up. A survey by researcher Cric China showed March was markedly better than the previous two months.

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