Sales of new residential properties in Shanghai dropped for another week while the number of prime London properties sold dropped to half one-year-ago level.
New property sales in Shanghai fell for another week
Shanghai's new housing market fell for another week despite the rebound in new supply, the latest data says.
Excluding those affordable housing subsidized by the government, the total area of new residential properties that were sold dipped 4.9 percent week-over-week to about 156,000 sqm, the Shanghai Centaline Property Consultants Company report said.
Centaline's senior researcher Lu Wenxi said that despite the slight decline, the week transactions of new homes have stayed above 150,000 sqm, which is not so bad and will likely improve soon as new supply recorded recovery.
Fengxian District, the Pudong New Area, and Qingpu District were the top performers recording weekly sales of about 15,000 sqm, 18,000 sqm, and 20,000 sqm, respectively.
Around 195,000 sqm of new homes were released over seven projects that were released last week, higher than the 45,000 sqm of new homes released during the previous week.
Meanwhile, the average home price slid 17.1 percent week-over-week to 55,339 yuan (US$7,890) per sqm. None of the top 10 projects exceeded 90,000 yuan/sqm, while half of these projects cost less than 50,000 yuan/sqm.
Topping the list was a development located in the Chongming District, where around 40 units spanning 4,100 sqm were released with an average per square meter price of 35,594 yuan.
Read also: US Home Prices Grew for the First Six Months of 2020, New Home Construction Is Bouncing Back
The second and third on the list were two developments, in Pudong (sold 3,802 square meters) and Putuo District (sold 2,653 square meters). Both developments were priced over 85,000 yuan/sqm.
Prime London property transactions declined by 53 percent
The volume of Prime London properties sold since the lockdown was imposed by almost half of its volume during the same period last year but is seen to recover over the following months, Chestertons says about the latest data from a LonRes.
Data covering transactions between March 23 and July 12 revealed a decline of 53 percent in the number of sales year-over-year. However, these figures just reflect the decrease in activity during lockdown's first six weeks. Chestertons believes that May and June's activity picked up rather quickly, and July sales should reflect that improvement. Data from LonRes indicates that the volume of properties that went under offer in June bounced back to within just five percent of levels recorded one year ago.
The June data revealed that activity level across London is growing as 46 percent more people have registered to buy in June than in May, and these buyers are making 27 percent more offers. Compared to the same period last year, 30 percent more buyers registered, and 30 percent more offers were made.
Chestertons Managing Director Guy Gittins said that the past eight weeks saw a bustling market with the return of foreign buyers and seller confidence coming back. These will show results in July and onwards.
