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Shanghai’s new housing market remains buoyant
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SHANGHAI’S new housing market remained buoyant last week despite a drop in both transaction volume and price.
The area of new homes sold, excluding government-funded affordable housing, fell 9.3 percent week on week to 458,000 square meters, Shanghai Centaline Property Consultants Ltd said in a report yesterday.
The average price of these new houses declined 3.9 percent from the previous seven-day period to 32,526 yuan (US$5,000) per square meter, according to Centaline data.
“Despite the withdrawal, the weekly volume still suggest robust sentiment with medium to low-end apartments being very popular among home seekers,” said Lu Wenxi, a senior manager of research at Centaline.
“Among the 10 most sought-after projects, two of them, located in outlying Jinshan District, cost as low as 12,000 yuan per square meter.”
Around 74,000 square meters of new homes were released locally, compared with zero supply in the previous week.
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