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Robust momentum in Shanghai's housing market
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ROBUST momentum prevailed in Shanghai's new housing market for another month despite the hot weather, with average price hitting a record again, latest industry data suggest.
The area of new residential properties sold, excluding government-subsidized affordable housing, fell 9 percent from June to 1.34 million square meters in July, Shanghai Uwin Real Estate Information Services Co said in a latest report. That, however, represented a year-on-year surge of 92 percent.
These new homes were sold for an average 34,639 yuan (US$5,568) per square meter, an increase of 0.9 percent from June and a rise of 32 percent from same period a year ago.
"Despite the single-digit month-over-month drop, the transaction volume was still very high for this time of the year, which is usually a sluggish season for property sales," said Huang Zhijian, chief analyst at Uwin. "However, we should also notice that the inventory of new homes still remained at a high level, meaning that real estate developers should be somewhat cautious despite the red-hot market sentiment."
As of Monday, local stock of new residential properties available for sale stood at over 11.94 million square meters, according to www.fangdi.com, the city's official real estate website.
Citywide, a housing development in Beicai, Pudong New Area, attracted the most buyers last month with 291 apartments there being sold for an average 38,113 yuan per square, according to a separate report released by Shanghai Deovolente Realty Co.
Among the city's 10 best-selling projects, seven cost more than 30,000 yuan per square meter, indicating strong sentiment in the medium- to high-end segment, Deovolente data showed.
On the supply side, about 968,000 square meters of new houses were released to the local market last month, an increase of 14.7 percent from June.
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