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New home sales in Shanghai hit high
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THE area of new homes sold rose to a record in Shanghai last week amid continuously strong sentiment while average price remained at a high level, latest market data suggest.
Citywide, some 522,700 square meters of new residential properties, excluding government-subsidized affordable housing, were sold during the seven-day period ended Sunday, Shanghai Deovolente Realty Co said in a report released today.
Average cost of new houses, meanwhile, fell 3.1 percent week over week to 33,599 yuan (US$5,401) per square meter.
"The surprisingly robust sales registered in the last two days of June, or more than 300,000 square meters in total, helped push the seven-day volume to a record high," said Lu Qilin, a researcher at Deovolente. "And medium to high-end properties continued to be popular among home seekers with the average cost of new homes remaining above the 30,000-yuan-per-square-meter threshold for the tenth consecutive week."
In the luxury segment, for example, 430 new housing units costing more than 50,000 yuan per square meter were sold across the city last week, a rise of 31 from the previous seven-day period, according to Deovolente data. Pudong New Area, in particular, recorded sales of 91 such units, the most in the city. Xuhui and Huangpu districts trailed with weekly transaction of more than 60 such units each.
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