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Shanghai’s property market cools further

Last Updated: Thursday, May 25, 2017 - 10:39

SHANGHAI'S new home sales market lost its strength for the third consecutive week with sluggish momentum continuing to prevail among home buyers as well as real estate developers.

The area of new residential properties sold, excluding government-funded affordable housing, fell 14 percent from the previous week to 128,800 square meters during the seven-day period ended Sunday, Shanghai Centaline Property Consultants Co said in a report released today.

Citywide, outlying Songjiang District registered weekly sales of around 17,000 square meters, the most among its counterparts.

Average cost of new homes, meanwhile, rose 8.5 percent to 52,805 yuan (US$7,649) per square meter, a result of structural shift, Centaline data showed.

"None of the residential projects managed to record transaction exceeding 100 units last week, evidence for extreme weakness of the market," said Lu Wenxi, senior manager of research at Shanghai Centaline. "Looking ahead, the southward trend will probably extend as new home supply also plunged to a very low level."

About 66,000 square meters of new houses spanning two projects were launched to the local market, a week-over-week dive of 39 percent, according to Centaline data.

By project, a development in Dachang of northern Baoshan District unloaded 51 units at an average price of 55,489 yuan per square meter, making it the most sought-after project during the week. Out of the 10 most popular projects, three cost more than 50,000 yuan per square meter while the cheapest one, located in Tinglin of Jinshan, sold for about 18,244 yuan per square meter.

As of Sunday, sales of new residential properties totaled 443,900 square meters around the city, a dip of 0.65 percent from same period a month earlier, Centaline said.

--source from Shanghai Daily

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