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Home sales jump on buying sentiment
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HOME buying sentiment rose for the second straight week in Shanghai while robust sales registered at a low-end development led to a double-digit drop in average price, industry data showed yesterday.
The area of new residential properties sold, excluding government-subsidized affordable housing, jumped 59.8 percent to 348,700 square meters last week, Shanghai Homelink Real Estate Agency Co said. The mean price of new houses fell 11 percent to 28,195 yuan (US$4,427) per square meter from the previous seven-day period.
“Extremely strong sales recorded in a project in Lingang in the Pudong New Area, which is only available for certain buyers, should be responsible for the surge in volume and drop in price,” said Lu Qilin, research director at Shanghai Homelink. “Notably, new home supply rose to the highest so far this year as the traditional high season for property sales has arrived.”
Citywide, a project in outlying Lingang area sold 569 apartments last weeks for an average price of 8,573 yuan per square meter, Homelink data showed. A China Vanke Co development in Zhangjiang of Pudong became the runner-up after selling 87 units for a price of 52,410 yuan per square meter on average. That accounted for more than a quarter of the overall sales sealed in the luxury home segment, which often refers to those with a price tag of 50,000 yuan per square meter and above.
A total of 321 luxury residential units were sold across the city last week, an increase of 119 from the previous week.
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