SENTIMENT among home buyers continued to drop for the fourth consecutive week in Shanghai property market amid an insignificant rebound in supply, latest market data showed.
The area of new residential properties sold, excluding government-subsidized affordable housing, plunged 43.6 percent to 102,700 square meters last week, Shanghai Centaline Property Consultants Co said in a report released today.
"It was the second-lowest weekly transaction recorded in Shanghai so far this year, with notable drops in all areas around the country," said Lu Wenxi, senior manager of research at Centaline. "Not a single residential project managed to secure sales of more than 100 units during the seven-day period, a proved sign of market cooling."
Average cost of new homes gained 5.6 percent from a week earlier to 46,074 yuan (US$6,735) per square meter, according to Centaline data.
Three of the 10 best-selling projects cost more than 60,000 yuan per square meter while six others all stood between the bracket of between 30,000 yuan and 40,000 yuan per square meter.
On the supply side, about 30,000 square meters of new houses at one project located in Lujiazui were released to the local market last week, compared to zero supply in the previous week.
---source from Shanghai Daily
