Related News

Home » Business

Shanghai’s property sales rebounds last week

SHANGHAI'S residential sales market witnessed a notable rebound last week, just a few days before the kick-off of a week-long Spring Festival holiday that falls on Friday nationally.

The area of new residential properties sold, excluding government-subsidized affordable housing, jumped 44.1 percent to 141,000 square meters during the seven-day period ended on Sunday, Shanghai Centaline Property Consultants Co said in a report today.

The new houses sold for an average 50,128 yuan (US$7,261) per square meter, a week-on-week increase of 6.4 percent.

"The recovery was quite significant with improved momentum among both real estate developers and home buyers," said Lu Wenxi, senior manager of research at Centaline. "Notably, three best-selling projects managed to register weekly sales of more than 100 units each while medium- to high-end projects were also popular among buyers during the period with three developments in the Top 10 list costing 60,000 yuan per square meter and above."

Citywide, a housing project in outlying Baoshan District unloaded 203 units alone last week at an average price of nearly 61,000 yuan per square meter, followed by a development in downtown Xuhui District where 109 apartments were sold for an average price of 81,333 yuan per square meter, Centaline data showed.

On the supply side, meanwhile, some 255,000 square meters of new houses spanning eight projects were released into the local market last week, the highest seven-day volume since October.

Despite the recovery, Lu said he didn't expect the strength to extend in the market as the lunar New Year holiday is just around the corner while new supply over the past few weeks are not adequate enough to boost sales in a sustainable way.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend