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Shanghai home costs reach a new high albeit lower buyers’ sentiment

NEW home cost in Shanghai surged to a record last week amid a structural shift despite a drop in buyers' sentiment because of the Mid Autumn Festival holiday, latest market data suggest.

The area of new residential properties sold, excluding government-subsidized affordable housing, fell 13.3 percent from the previous seven-day period to 189,000 square meters, Shanghai Centaline Property Consultants Co said in a report released today.

"The decline was actually no surprise due to the three-day holiday but the sales performance was still kind of below market expectations," said Lu Wenxi, a senior manager of research at Shanghai Centaline Property Consultants Co. "Only about 50,000 square meters of new homes were sold in the city during the three-day holiday, the lowest in four years."

The new houses were sold for an average 47,750 yuan (US$7,152) per square meter, a week-over-week jump of 14.4 percent and a record in the city.

Robust sentiment in the luxury segment seemed apparent with four of the 10 most sought-after projects costing 70,000 yuan per square meter and above. In particular, a development in downtown Xuhui District with a price tag of over 100,000 yuan per square meter managed to secure the third place with weekly transaction totaling 48 units, which was pretty rare in the city.

On the supply side, less than 78,000 square meters of new houses were released to the local market last week, a dive of 64.4 percent from the previous week, Centaline data showed.


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