Moderate rebound in new home sales

Cao Qian
Outlying Qingpu District remains the most sought-after area in the city for another week with 41,000 square meters of properties finding buyers.
Cao Qian

New home sales showed a moderate recovery in Shanghai last week with outlying Qingpu District remaining the most sought-after area for another week.

The area of new residential properties sold, excluding government-subsidized affordable housing, climbed 25 percent to around 167,000 square meters in the seven days to Sunday, Shanghai Centaline Property Consultants Co reported.

Qingpu outperformed all of its counterparts with weekly sales hitting some 41,000 square meters. It was followed by the Pudong New Area , with about 22,000 square meters of new homes sold, and then Songjiang and Jiading districts, which each registered seven-day sales of over 15,000 square meters, according to Centaline.

Citywide, new homes sold for an average of 58,104 yuan (US$8,470) per square meter, a week-on-week dip of 1.7 percent.

"In general, those costing between 30,000 yuan and 60,000 yuan per square meter remained the most popular among local home buyers," said Lu Wenxi, Centaline's senior research manager. "In addition, the best-selling project recorded weekly sales of more than 200 units, indicating rather robust sentiment in the market."

A residential project in Qingpu asking for 55,865 yuan per square meter on average unloaded 24,643 square meters, or 230 units. Two luxury developments, both priced at more than 100,000 yuan per square meter, also managed to squeeze into the top 10 list after selling 20 and 16 units, respectively, according to Centaline.

On the supply side, about 117,000 square meters of new housing over four projects were released into the market, a decrease of 68 percent from a week earlier, Centaline said.

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