Shanghai’s real estate market cools amid the festival

By Cherry Cao | June 13, 2016, Monday |

Online Edition

NEW home buying sentiment fell for the second consecutive week as the three-day Dragon Boat Festival put some potential buyers on the sideline.

The area of new residential properties sold, excluding government-funded affordable housing, fell 17.3 percent to 208,300 square meters last week, Shanghai Homelink Real Estate Agency Co said in a report released today.

These new houses were sold for an average 34,832 yuan (US$5,276) per square meter, a week-over-week decrease of 8.5 percent.

Notably, supply plunged during the seven-day period with only one project, or 30,600 square meters of new homes, being released to the local market, a week-over-week drop of 80.8 percent, Homelink data showed.

"The weekly supply of new homes fell to the lowest in more than two months, indicating sluggish momentum among real estate developers as July and August, a traditional low season for property sales in Shanghai mainly due to the extremely hot weather, are around the corner," said Lu Qilin, director of research at Shanghai Homelink. "However, no significant retreat in home price should be expected though tightening measures implemented recently did help cool down the market."

Across the city, outlying Jiading and Fengxian districts led all with each of them securing three projects in the top 10 list. Among the 10 best-selling developments, nine are located in suburban areas and only three cost more than 30,000 yuan per square meter, explaining therefore the fall in average price, Homelink data showed.

Real Estate

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Shanghai’s real estate market cools amid the festival

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