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Property market rebounds
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SENTIMENT among home buyers and real estate developers rebounded in Shanghai last week while structural shift led to a decline in price, latest market data showed.
The area of new residential properties sold, excluding government-funded affordable housing, rose 16.8 percent from the previous seven-day period to 296,800 square meters, Shanghai Homelink Real Estate Agency Co said yesterday.
Average cost of the new homes stood at 30,166 yuan (US$4,753) per square meter, a week-over-week decrease of 8.8 percent.
“Sentiment recovered from the previous week with houses in outlying areas such as Jiading, Songjiang and Baoshan districts being most sought after by home seekers,” said Lu Qilin, director of research at Shanghai Homelink. “With the week-long national holiday over, new home transaction is expected to rise further.”
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