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Average cost of new homes stays high
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THE average cost of new homes stayed above the 40,000 yuan-per-square-meter (US$5,990) level in Shanghai for the second straight week despite lower transactions and a plunge in supply, latest market data suggest.
New homes, excluding government-subsidized affordable housing, hit a record 40,962 yuan per square meter on average in Shanghai last week, up 1.5 percent from the previous seven-day period, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
The area of new houses sold fell 21.6 percent week over week to 282,200 square meters, snapping a three-week rally.
“Despite the drop, the weekly sales volume still remained normal while robust sales of medium- to high-end properties pushed up the average price to another record,” said Lu Qilin, director of research at Shanghai Homelink.
Among the city’s 10 best-selling projects, eight cost over 30,000 yuan per square meter and three developments priced at 70,000 yuan per square meter and above, Homelink data showed.
Lu said that supply fell because “more developers seemed to postpone their project launches as a red-hot land market is raising their expectations for future home price hikes while September and October are also the traditional high season for home sales.”
Only 15,100 square meters of new houses were released locally, a weekly plunge of 93.7 percent, according to Homelink data.
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