New homes sales fall to a 9-week low in Shanghai

By Cherry Cao | June 15, 2015, Monday |

Online Edition

THE area of new homes sold in Shanghai fell to a nine-week low but strong sales in the high-end segment pushed average price to a new high, according to latest market data.

A total of 249,400 square meters of new residential properties, excluding government-funded affordable housing, were sold in the city last week, a decrease of 6.3 percent from the previous seven-day period, Shanghai Deovolente Realty Co said in a report released today.

The new houses were sold for an average 33,914 yuan (US$5,452) per square meter, a record for the city and a week-over-week rise of 3.7 percent.

“Sentiment among the general home seekers fell for the second straight week but luxury home buyers seemed quite bullish with three out of the ten best-selling projects standing above the 50,000-yuan-per-square-meter barrier,” said Lu Qilin, a researcher at Deovolente.

Citywide, 267 new housing units with a price of 50,000 yuan per square meter and above were sold last week, an increase of 21 from the previous week, Deovolente data showed.

On the supply side, about 177,800 square meters of new homes were released to the local market, a week-on-week drop of 26 percent.

As of Sunday, the area of new homes sold in the city totaled 515,600 square meters in June, according to data released today by Shanghai Uwin Real Estate Information Services Co.

“If the current sales pace is maintained, the final figure should reach about 1.1 million square meters for this month, outnumbered by April’s 1.24 million square meters and May’s 1.43 million square meters,” said Huang Zhijian, chief analyst at Uwin.

Real Estate

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New homes sales fall to a 9-week low in Shanghai

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