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Average villa price jumps 33.7% in Shanghai last year
By Cao Qian |
February 9, 2011, Wednesday
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Online Edition
Online Edition
VILLA prices rose more than 30 percent in Shanghai last year, fuelled by limited supply and improved product quality, according to statistics released yesterday by real estate information services provider DTZ.
The average price for townhouses jumped 33.7 percent year-on-year to 22,600 yuan (US$3,434) per square meter while that for stand-alone villas rose 32.5 percent to 39,100 yuan per square meter.
"A drop in supply, coupled with growing competition in quality among developers, helped push up villa prices across the city last year," said Jenny Wu, DTZ director of residential sales for East China. "This year, the latest rein-in measures by the central government may dampen the sentiment of some home buyers, but on the other hand, more luxury villa developments are likely to be released to the market as developers upgrade their products for more affluent and demanding buyers."
According to the latest DTZ research, a total of 1.07 million square meters of townhouses were released in Shanghai last year, a 30 percent fall from 2009. The supply of stand-alone villas shrank 21 percent to 757,500 square meters.
A separate research conducted by China Real Estate Information Corp also found that sales of luxury villas were extremely robust last year, contributing to the price increase.
Last year 620 villa units, costing over 50,000 yuan per square meter, were sold in the city, compared with 402 units in 2009, according to the CREIC research.
The average price for townhouses jumped 33.7 percent year-on-year to 22,600 yuan (US$3,434) per square meter while that for stand-alone villas rose 32.5 percent to 39,100 yuan per square meter.
"A drop in supply, coupled with growing competition in quality among developers, helped push up villa prices across the city last year," said Jenny Wu, DTZ director of residential sales for East China. "This year, the latest rein-in measures by the central government may dampen the sentiment of some home buyers, but on the other hand, more luxury villa developments are likely to be released to the market as developers upgrade their products for more affluent and demanding buyers."
According to the latest DTZ research, a total of 1.07 million square meters of townhouses were released in Shanghai last year, a 30 percent fall from 2009. The supply of stand-alone villas shrank 21 percent to 757,500 square meters.
A separate research conducted by China Real Estate Information Corp also found that sales of luxury villas were extremely robust last year, contributing to the price increase.
Last year 620 villa units, costing over 50,000 yuan per square meter, were sold in the city, compared with 402 units in 2009, according to the CREIC research.
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