Price of new home (new real estate projects in Shanghai) were sold at about 10 percent cheaper on average last week as developments in outlying areas dominated the Shanghai's best-selling projects.
The average price of new homes, excluding those built for residents under urban redevelopment plans, fell from a week earlier to 21,146 yuan (US$3,175) per square meter across the city, ending its three-week rally during which it stayed above 23,000 yuan per square meter, Shanghai Uwin Real Estate Information Services Co said yesterday.
New home sales, meanwhile, dipped 0.9 percent week-on-week to 229,000 square meters, almost equivalent to the weekly average volume in the past 12 months.
Lu Qilin, a Uwin researcher, said "Medium- to low-end housing projects located beyond the city's Outer Ring Road grabbed the top 10 spots for best selling projects over the past week, our study found that 8 of the 10 projects were sold for an average price of below 20,000 yuan per square meter."
"Developers will probably face pressure amid tightened liquidity," said Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd. "It is unclear how long such moves may affect them."
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