More new homes sold last week

New home buying sentiment rebounded in Shanghai last week, most notably among medium- to low-end properties.

New home buying sentiment rebounded moderately last week, with medium- to low-end properties remaining popular, the latest market figures show.

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

"Fuelled 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 led all with seven-day transactions surging 167 percent to some 32,000 square meters. The former Nanhui area followed with sales of 21,000 square meters despite a weekly drop of 32.3 percent. Remote Qingpu District unloaded about 19,000 square meters.

Citywide, new homes sold for an average of 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 the rest two asked for more than 100,000 yuan per square meter.

A project in Jiading became 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. It was immediately trailed by 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.

On the supply side, a total of 211,000 square meters of new housing spanning nine projects, most located in remote districts as always, were released into the market last week, representing a week-over-week surge of 85.5 percent, according to Centaline data.


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