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Shanghai new home sales remain strong, report says
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NEW home sales remained above the 200,000-square-meter threshold for the fifth consecutive week in Shanghai despite an insignificant retreat as demand for mid- to low-end houses continued to be strong.
The purchases of new residential properties, excluding government-funded affordable housing, fell 4.7 percent week over week to 247,900 square meters during the seven-day period ended Sunday, Shanghai Deovolente Realty Co said in a report released today.
"Strength extended further in the local property market as sentiment among home seekers remained robust particularly in the medium- to low-end segment, continuously fuelled by a batch of policies introduced recently by the central and Shanghai governments," said Lu Qilin, a Deovolente researcher. "Hopefully, new home transaction volume will exceed 1 million square meters again this month."
New homes sold last week cost an average 28,246 yuan (US$4,615) per square meter, down 0.45 percent from a week earlier.
Among the ten best-selling projects, six cost no more than 25,000 yuan per square meter, Deovolente data showed.
Citywide, a housing development in Songjiang District became the most popular project for the week after selling 85 units for an average price of 24,802 yuan per square meter.
At the meanwhile, new home supply, which reflects developers' sentiment, dropped to the lowest in five weeks.
A total of 150,900 square meters' new residential properties were released to the local market last week, a week-over-week plunge of 71.2 percent, according to Deovolente.
"With more real estate developers getting closer to their annual sales target, some of them were just not as eager as before to launch their projects," Lu said.
In the first two weeks of December, sales of new homes already totaled 508,000 square meters.
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