Shanghai home supplies sink 56.3%

New supplies in Shanghai's residential real estate market fell by 56.3 percent to 1.1 million square meters in the first quarter this year, a seven year low, according to a report released Tuesday by Savills, a London-listed global real estate service provider.

Although there was a strong demand in March in Shanghai's residential property market, residential real estate markets around the country won't recover in a short-term due to lingering concerns about the stability of the global economy, James Macdonald, head of Research China with Savills, said Tuesday. Transaction prices averaged 21,500 yuan ($3,411.88) per square meter in Shanghai in the first quarter, the report added.