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City home sales show weekly jump
By Cao Qian |
August 22, 2011, Monday
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Online Edition
Online Edition
SHANGHAI'S new home sales rebounded last week from a five-month low with overall sentiment remaining slack.
Sales of new homes, excluding affordable housing, rose 40.7 percent from a week earlier to 137,200 square meters across the city, according to research released yesterday by local real estate group Shanghai Deovolente Realty Co.
That, however, compared to the lower weekly average transaction volume of 150,800 square meters registered so far this year.
The average price of new homes, meanwhile, climbed 2.4 percent week-on-week to nearly 22,400 yuan (US$3,500) per square meter amid increased sales of luxury properties, Deovolente data showed.
A total of 7,900 square meters of prime residential properties, costing more than 50,000 yuan per square meter, were sold in the city during the seven-day period that ended on Sunday, a rise of 54.9 percent from a week earlier.
In particular, one 850-square-meter unit at Emperor Zillah, one of the most costly villa developments in the city, fetched 135 million yuan, the most expensive price paid in Shanghai so far this year for a single housing unit, according to Deovolente.
"While buying momentum among the mass market continued to stay at very low levels over the past three weeks, new supply of homes have been rising for two straight weeks as the traditional high season of home sales -- September and October -- is approaching," said Lu Qilin, a researcher with Deovolente. "However, increasing supply will not necessarily lead to increasing sales unless real estate developers offer notable discounts."
Sales of new homes, excluding affordable housing, rose 40.7 percent from a week earlier to 137,200 square meters across the city, according to research released yesterday by local real estate group Shanghai Deovolente Realty Co.
That, however, compared to the lower weekly average transaction volume of 150,800 square meters registered so far this year.
The average price of new homes, meanwhile, climbed 2.4 percent week-on-week to nearly 22,400 yuan (US$3,500) per square meter amid increased sales of luxury properties, Deovolente data showed.
A total of 7,900 square meters of prime residential properties, costing more than 50,000 yuan per square meter, were sold in the city during the seven-day period that ended on Sunday, a rise of 54.9 percent from a week earlier.
In particular, one 850-square-meter unit at Emperor Zillah, one of the most costly villa developments in the city, fetched 135 million yuan, the most expensive price paid in Shanghai so far this year for a single housing unit, according to Deovolente.
"While buying momentum among the mass market continued to stay at very low levels over the past three weeks, new supply of homes have been rising for two straight weeks as the traditional high season of home sales -- September and October -- is approaching," said Lu Qilin, a researcher with Deovolente. "However, increasing supply will not necessarily lead to increasing sales unless real estate developers offer notable discounts."
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