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Holiday sees house buyers sidelined
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HOME buyers retreated from the market last week as the three-day Dragon Boat Festival holiday sidelined some potential buyers.
The area of new homes sold, excluding government-funded affordable housing, fell 17.3 percent to 208,300 square meters last week, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
They were sold for an average 34,832 yuan (US$5,286) per square meter, a weekly drop of 8.5 percent.
“The weekly supply of new homes fell to the lowest in more than two months, indicating sluggish momentum among real estate developers, as July and August, a traditional low season for property sales in Shanghai due to the extremely hot weather, are around the corner,” said Lu Qilin, director of research at Shanghai Homelink.
“However, no significant retreat in home prices should be expected although tightening measures implemented recently did help cool the market.”
The city’s outlying Jiading and Fengxian districts each secured three projects in the top-10 list.
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