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High-spec homes still in demand despite blip
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SALES of new “luxury” homes in Shanghai last month fell 3 percent to 1,356 from June’s all-time high, according to the latest industry figures.
Despite the month-on-month dip, the figure was more than five times the 254 units sold in July last year and represented the second-best month ever for the sector, Shanghai Deovolente Realty Co said in a report.
Luxury properties are defined as those costing at least 50,000 yuan (US$8,050) per square meter.
The mean selling price in July fell 0.9 percent from June, but rose 3.8 percent year on year to 71,018 yuan per square meter, the report said.
“The new supply of luxury homes hit a record last month, with 339,000 square meters released to the market,” said Lu Qilin, a researcher at Deovolente.
The total represented a 129 percent increase from June and a more than fivefold rise from the same period of last year, he said.
“Sales have now surpassed 1,000 units for the past three months and there are no signs of them slowing down,” he said.
The Pudong New Area, and Zhabei and Xuhui districts were the most sought-after areas in July, with each reporting more than 170 units sold, the report said.
Sales last month in the “ultra-luxury” category — properties costing more than 100,000 yuan per square meter — fell more than 40 percent from June to 54 units, the report said, adding that three of the deals involved villas priced at more than 100 million yuan.
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