[photopress:real_estate_shanghai.apartment.jpg,full,alignright]The average transaction price of new residences city-wide fell 8.2% to RMB13,893 ($1,985) per square meter in Shanghai in the first four weeks of this month. At the same time fewer apartments within the Inner Ring Road were sold.
According to statistics released yesterday by Shanghai Youwin Real Estate Information Service for the four weeks following May 1, the supply of new residential properties, excluding those designated for relocation uses, reached approximately 1.049 million square meters in the city while a total of 929,300 square meters were sold.
Xue Jianxiong, head of research at Youwin said, ‘The drop in the average transaction price of new homes over the past four weeks was mainly because fewer prime-located apartments, or up-scale properties, were sold during the period.’
In the first 28 days of May, some 66,900 square meters of new homes located within the Inner Ring Road secured buyers with an average transaction price of RMB32,150 per square meter, compared to about 106,000 square meters of new homes sold at an average RMB33,629 per square meter in April.
In June, three high-end projects within the Inner Ring Road, two in Huangpu District and one in Luwan District will be introduced to the market and several small and medium-sized apartment projects — with areas ranging from 50 to 90 square meters per unit and located in the districts of Changning, Putuo, Baoshan, Songjiang and Jiading — are due to be launched in the coming month.
Industry experts predicted Shanghai’s new housing market might see a mild performance in June with total transaction volume similar to May’s, and a recovery not expected till September.
Source: Shanghai Daily