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Renewed optimism among Shanghai home buyers

SENTIMENT among both home seekers and real estate developers rebounded in Shanghai last week with medium to low-end houses remaining the most sought-after type.

The area of new residential properties sold, excluding government-funded affordable housing, rose 21.4 percent to 214,000 square meters during the seven-day period ended Sunday, Shanghai Centaline Property Consultants Ltd said in a report released today.

These new homes were sold for an average price of 30,908 yuan (US$4,760) per square meter, a week-over-week increase of 8.3 percent, mainly a result of structural shift, according to Centaline.

"New houses priced between 20,000 yuan and 30,000 yuan per square meter remained the most popular among buyers with seven of the 10 best-selling projects falling into this range," said Lu Wenxi, a senior manager of research at Shanghai Centaline. "Market momentum was beginning to stablize several weeks after the introduction of tightening policies in late March and weekly transaction volume is expected to hover around this level in the coming few weeks."

Citywide, a residential project in outlying Qingpu District costing 28,092 yuan per square meter on average recorded sales of 138 apartment units last week, the most among all housing development, a separate report from Shanghai Uwin Real Estate Information Services Co said today.

On the supply side, about 502,000 square meters of new houses spanning 15 projects were launched for sale last week, a weekly surge of 369 percent, Centaline data showed.

As of Sunday, a total of 483,400 square meters of new homes were sold in Shanghai in April for an average price of 29,948 yuan per square meter, Uwin data showed.



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