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Housing sentiment edges up slightly
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BUYING sentiment for new houses rose mildly for the second week in Shanghai despite a surge in supply while average prices changed little.
The area of new residential properties sold, excluding government-subsidized affordable housing, climbed 9.1 percent week on week to 259,300 square meters, Shanghai Homelink Real Estate Agency Co said yesterday. They were sold for an average price of 31,806 yuan (US$4,966) per square meter, up 0.3 percent from the previous week.
“New home supply soared to a nearly four-month high in the city last week and that could boost sales in the coming few weeks,” said Lu Qilin, director of research at Shanghai Homelink. “In particular, we expect better performance in the medium to high-end segment as more properties in that category were released to the local market last week.”
During the seven-day period ended on Sunday, 349,400 square meters of new housing properties of nine different projects went up for sale, a week-on-week surge of 168 percent. Among them, five developments were priced at 30,000 yuan per square meter and above, Homelink data showed.
Across the city, a residential development in Minhang District sold 119 apartments at an average price of 33,684 yuan per square meter last week, making itself the best-selling project. Among the 10 most sought-after projects of the week, half of them were priced at more than 30,000 yuan per square meter.
In the luxury segment, a total of 192 such units were sold in the city last week, an increase of 11 from the previous week. The Pudong New Area, Zhabei and Xuhui districts recorded the most number of deals.
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