The area of new homes sold, excluding government-funded affordable housing, dipped 1.12 percent last week from the previous seven-day period to 344,400 square meters, Shanghai Homelink Real Estate Agency Co said in a report.
“Despite the insignificant retreat, last week’s volume still remained much higher than the average seven-day transaction registered so far this year,” said Lu Qilin, director of research at Shanghai Homelink.
“Notably, new home supply surged to more than 560,000 square meters last week, probably the highest weekly volume recorded in years, indicating that developers are geared up for a ‘harvest’ in October which is the traditional high season for property sales.”
New homes totaling 561,443 square meters spanning 15 projects were released to the local market last week, up 33.8 percent week on week, according to Homelink data. A high-end residential development in Huamu of the Pudong New Area launched 1,106 apartments, whose asking price was over 53,000 yuan (US$8,320) per square meter, for sale.
The average cost of the new homes rose nearly 8 percent from the previous week to 30,445 yuan per square meter.
A project in Dachang of Baoshan District sold 267 apartments for an average price of 25,917 yuan per square meter.
