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Buying lifts price of new homes 10.1%
By Cherry Cao |
March 5, 2013, Tuesday
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Print Edition
Print Edition
CONTINUED robust buying sentiment for luxury and high-end homes raised the cost of new homes in Shanghai to the highest in almost a year last week.
The average price of new homes, excluding government-funded affordable housing, jumped 10.1 percent from a week earlier to 25,648 yuan (US$4,118) per square meter, the highest in 49 weeks, Shanghai Deovolente Realty Co said.
"Half of the city's 10 best-selling projects last week cost more than 30,000 yuan a square meter while 54 homes priced at more than 50,000 yuan per square meter were sold, an increase of 21 from the previous seven-day period, indicating extremely strong buying momentum," Lu Qilin, a Deovolente researcher, said yesterday.
Lu said the trend "will likely continue after the central government's latest income tax announcement because more might buy a new house instead of a previously owned one."
The average price of new homes, excluding government-funded affordable housing, jumped 10.1 percent from a week earlier to 25,648 yuan (US$4,118) per square meter, the highest in 49 weeks, Shanghai Deovolente Realty Co said.
"Half of the city's 10 best-selling projects last week cost more than 30,000 yuan a square meter while 54 homes priced at more than 50,000 yuan per square meter were sold, an increase of 21 from the previous seven-day period, indicating extremely strong buying momentum," Lu Qilin, a Deovolente researcher, said yesterday.
Lu said the trend "will likely continue after the central government's latest income tax announcement because more might buy a new house instead of a previously owned one."
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