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Shanghai new home sales see double-digit growth

Last Updated: Friday, January 11, 2019 - 15:25

Shanghai new home sales see double-digit growth

Shanghai's new housing market registered double-digit growth in the first week of 2019 amid robust sales in outlying districts, the latest industry data showed.

The area of new residential properties sold, excluding government-subsidized affordable housing, rose 12.5 percent from a week earlier to 153,000 square meters during the seven days to Sunday, Shanghai Centaline Property Consultants Co said in a report released on Monday.
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"Despite the new year holiday factor, last week's performance was quite good," said Lu Wenxi, Centaline's senior research manager. "Ample new supply released over the past few weeks might help boost the transaction."

Across the city, remote Jiading District led the way with weekly sales of 26,000 square meters. It was closely trailed by the Pudong New Area's 24,000 square meters and Minhang District's 19,000 square meters of sales.

The average cost of a new home climbed 5.8 percent week over week to 62,014 yuan (US$9,061) per square meter, Centaline data showed.

Notably, a luxury residential project in downtown Huangpu District emerged as the most popular development after selling 10,538 square meters, or 70 units, for an average price of 130,909 yuan per square meter. In the top 10 list, half stayed above 50,000 yuan per square meter, according to Centaline data.

On the supply side, four developments, or 61,000 square meters of new homes in total, were released onto the market, a plunge of 90 percent from the previous seven-day session.

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