City's new home sales more than double last week

By Cherry Cao | October 14, 2013, Monday |

Online Edition

NEW home sales in Shanghai more than doubled from a week earlier amid abundant supply, with mid- to low-end properties being the most sought after among buyers, according to the latest market data.

The purchases of new residential properties, excluding government-subsidized affordable housing, surged 122 percent to 362,400 square meters during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said in a report released today.

"As expected, transactions soared in the city last week after deals of intent reached during the week-long National Day holiday were finally signed," said Lu Qilin, a Deovolente researcher. "Notably, demand for mid- to low-end houses was extremely robust."

New homes were sold for an average 23,682 yuan (US$3,870) per square meter last week, a dip of 0.3 percent week on week, Deovolente data showed.

Citywide, nine of the 10 best-selling residential projects cost no more than 25,000 yuan a square meter.

On the supply side, meanwhile, about 282,900 square meters of new homes were released to the local market last week, a weekly decrease of 8.9 percent.

With buying sentiment remaining strong, price hikes by developers are becoming more prevalent.

For instance, homes at a project in outlying Maqiao, Minhang District, which was the city's most popular development for the past seven days, were sold for an average 19,400 yuan per square meter last week, an increase of 8.4 percent from its average sales price registered in the first six months of this year.

Real Estate

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

City's new home sales more than double last week

Email this to your friend