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Average cost of new homes gains
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The robust sales of high-end homes propelled the average cost of a new home in Shanghai to exceed the 26,000 yuan per square meter (US$4,262) threshold last week, the latest sign of unabated sentiment among home-seekers despite government curbs.
The average price of new homes, excluding government-funded affordable housing, climbed 12 percent week on week to 26,527 yuan per square meter during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said yesterday.
The volume of new homes sold fell 8.6 percent to 331,100 square meters during the period, but still above the 300,000 square-meter threshold for the second straight week.
“Despite a decrease in transaction volume, the weekly average price surged to the highest year-to-date as a result of particularly strong sentiment registered in the high-end sector,” said Lu Qilin, a Deovolente researcher. “The city’s top three best-selling projects all cost more than 20,000 yuan per square meter.”
Huang Hetao, a research manager at Century 21 China Real Estate, operator of the city’s largest estate chain by outlets, said the current strong momentum will “extend at least through the end of this month as demand from buyers remained buoyant.”
He added that most developers remained upbeat about the industry prospects after recording robust sales over the past two months.
As of Sunday, new home purchases in Shanghai totaled 764,000 square meters in October, down 1.6 percent from the same period in September but a surge of 50.4 percent from same time a year earlier, Century 21 data showed.
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