Shanghai housing sales remain flat
New home sales remained subdued in Shanghai last week amid a comparative slowdown in supply delivery, market figures show.
By area, new residential properties sales, excluding government-subsidized affordable housing, remained unchanged at around 168,000 square meters during the seven-day period ending Sunday, Shanghai Centaline Property Consultants Co announced in a report released on Monday.
"Robust performances registered in remote areas such as the former Nanhui and western Qingpu District enabled weekly sales to stay above the 150,000-square-meter threshold," said Lu Wenxi, Centaline's senior research manager. "The average price, as a result, was dragged down a bit as medium- to low-end projects dominated the top 10 list."
Around the city, the former Nanhui area recorded sales of 31,000 square meters, a week-over-over surge of 158.3 percent. Qingpu trailed closely with seven-day transactions reaching 24,000 square meters, representing an increase of 26.3 percent. The Pudong New Area, where new home sales dropped 25 percent to about 18,000 square meters, finished in third place.
Citywide, new homes sold for an average of 51,642 yuan (US$7,695) per square meter, representing a week-on-week decrease of 8.7 percent.
In the top 10 list in terms of transaction area, six projects, including the top two, sold for less than 40,000 yuan per square meter. The remaining four commanded over 50,000 yuan, but none sold for more than 100,000 yuan per square meter.
A project in Nanhui became the most sought-after development after selling 18,060 square meters, or 205 units, of new homes for an average price of 27,534 yuan per square meter. It was followed by a housing development project in Fengxian, which unloaded 9,353 square meters, or 83 apartments, for an average of 35,665 yuan per square meter.
On the supply side, a total of 114,000 square meters of new housing spanning three projects were released into the market last week, representing a week-over-week increase of 5.1 percent, according to Centaline data. That, however, was below the weekly average supply of new homes in Shanghai so far this year, according to Lu.