Shanghai’s residential market sees a flat start in September

By Cherry Cao | September 8, 2015, Tuesday |

Online Edition

SHANGHAI'S residential sales market was off to a flat start in September with buying sentiment retreating to a nearly five-month low.

The area of new homes sold, excluding government-subsidized affordable housing, plunged 45.1 percent to 218,200 square meters last week, Shanghai Homelink Real Estate Agency Co said in a report released today.

"The strong momentum we saw in late August failed to extend into the first week of September, which was partially affected by the national holiday to mark the 70th anniversary of the end of World War II," said Lu Qilin, director of research at Shanghai Homelink. "However, we expect the market to recover gradually and reach a climax hopefully in the last week of September, which happened every month in the city between April and August."

The mean price of new homes rose 18.1 percent week over week to 31,662 yuan (US$4,962) per square meter, as medium- to high-end homes took a larger share in overall sales, Homelink data showed.

Citywide, a low-end residential development in outlying Jinshan District emerged as the most popular one with 51 units sold for 9,751 yuan per square meter. Among the city's Top 10 projects, half of them asked for a price of more than 30,000 yuan per square meter.

In the luxury segment, which tracks houses with an average price of 50,000 yuan a square meter and above, 208 such units were sold last week, a decrease of 48 from the previous seven-day period.

Despite a notable withdrawal in sales, supply more than doubled during the same period. About 355,800 square meters of new residential properties -- spanning 10 projects and most of which catering to budget-conscious buyers -- were released to the market, a week-on-week surge of 112.4 percent, according to Homelink data.

Real Estate

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Shanghai’s residential market sees a flat start in September

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