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Shanghai new home sales remain robust
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NEW home purchases in Shanghai remained above one million square meters for the second straight month in November as robust sentiment continued to prevail among home seekers.
Sales of new residential properties, excluding government-subsidized affordable housing, fell 4.7 percent from October to 1.04 million square meters, Shanghai Uwin Real Estate Information Services Co said in a report released today.
"We saw a notable rebound in buyers' momentum particularly during the last few days of November, partly helped by the central bank's cut in interest rate on November 21," said Huang Zhijian, chief analyst at Uwin.
Uwin data showed that the average daily transaction volume of new homes totaled 45,700 square meters during the last seven days of November and they soared to 66,700 square meters between the last three days.
However, robust sales were still outnumbered by supply which indicated developers' eagerness to unload their continuously high inventory.
More than 1.23 million square meters of new houses were released to the local market last month, Uwin data showed. That compared to 1.19 million square meters in October and 1.31 million square meters in September.
By price, new homes sold last month averaged 27,683 yuan (US$4,516) per square meter, up 0.5 percent from a month earlier.
Citywide, mid- to low-end houses remained most popular among buyers with seven of the ten best-selling projects last month costing no more than 30,000 yuan per square meter. A residential development in Zhoukang, Nanhui of Pudong New Area, became the most sought after project after selling 178 units for an average price of 18,808 yuan per square meter, according to Uwin.
"We expect such strong momentum to proceed through the end of this year," Huang said. "It is possible that December may overtake October to become the best performing month in 2014 if real estate developers remain discreet in price hike amid continuously recovering sentiment."
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