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Average cost of new houses hit record high
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THE average cost of new homes in Shanghai reached a record high last week, according to the latest market data.
New homes, excluding government-funded affordable housing, sold for 38,124 yuan (US$5,794) per square meter in the seven-day period ended on Sunday amid robust sales of high-end properties, a week-on-week gain of 4.6 percent, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
The area of new homes sold fell 5.4 percent to 293,700 square meters, losing strength for the fourth straight week.
Ke Xiaojuan, a researcher at Shanghai Homelink, said: “The Pudong New Area recorded the most robust sales in the luxury category with weekly transaction volume of new homes with a price tag of 50,000 yuan per square meter and above hitting 123 units.”
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