Shanghai’s new home market sees moderate rebound

Source: Xinhua | 2019-04-24

New home-buying sentiment rebounded moderately last week, with medium to low-end properties remaining popular, the latest weekly report released yesterday shows.

The area of new residential properties sold, excluding government-subsidized affordable housing, rose 4.8 percent to about 176,000 square meters in the seven days to Sunday, Shanghai Centaline Property Consultants Co said in their regular weekly report.

“Fueled by new supply over previous weeks, several outlying areas registered quite robust sales last week,” said Lu Wenxi, Centaline’s senior research manager.

“The recovery, however, was not strong enough, as weekly transaction volume has remained below the 200,000-square-meter threshold for several weeks.”

Around the city, Jiading District topped the market with seven-day transactions surging 167 percent to about 32,000 square meters. The Nanhui area in Pudong followed with 21,000 square meters, despite a weekly drop of 32.3 percent.

Qingpu District unloaded about 19,000 square meters.

Citywide, new homes sold for an average 53,286 yuan (US$7,941) per square meter, a week-on-week increase of 3.2 percent.

In the top 10 list in terms of transaction area, six projects sold for less than 50,000 yuan per square meter.

Two commanded between 50,000 yuan and 60,000 yuan per square meter, and another two for more than 100,000 yuan per square meter.

A project in Jiading was the most sought-after development after selling 9,816 square meters, or 100 units, of new homes for an average price of 29,312 yuan per square meter.

Next was a housing project in the same district, which unloaded 9,740 square meters, or 85 apartments, for an average of 33,246 yuan per square meter.

A total of 211,000 square meters of new housing in nine developments, most located in outer districts, were released into the market last week, a week-on-week surge of 85.5 percent, Centaline said.