SHANGHAI: New home sales in Shanghai declined 12% to 84,000 sq m (904,168 sq ft) between June 7 and 13, according to a statement by Shanghai Uwin Real Estate Information Services.

According to a report by ShanghaiDaily.com, sales of these new homes exclude those designated for relocated residents under urban redevelopment plans.

The news website added that Uwin statistics showed that the average weekly volume registered in the city over the past 12 months was 264,000 square meters.

Average prices also shed 6% to 19,378 yuan psm (RM860 psf) last week, while the supply of new homes rebounded 25% to 104,000 sq m (1.12 million sq ft) during the seven-day period.

Meanwhile, Shanghai Statistics Bureau said on its website on June 17 that new home sales dropped 32.5% to 7.19 million sq m (77.4 million sq ft) in Shanghai during the first five months of this year.

Where the high-end residential market is concerned, only 20 luxury units valued over 50,000 yuan psm (RM2218 psf) were sold in Shanghai during the first half of June.

According to a report released yesterday by the China Real Estate Information Corp, 36 out of 45 luxury developments available for sale during the same period saw no sales.

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