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June 10, 2020

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Home » Business » Real Estate

Existing home sector rises further

Signs of recovery extended for another month in Shanghai’s existing housing market as transaction volume jumped to a nearly three-year high, the latest industry data showed.

Citywide, about 29,000 pre-owned homes changed hands in May, up 16 percent month over month and 22 percent year on year, Shanghai Homelink Real Estate Agency Co said in a regular monthly report released on Monday.

By value, existing homes worth a total of 91.6 billion yuan (US$12.92 billion) were sold, up 24 percent from April. That, meanwhile, represented a 28-percent growth YoY.

“Pent-up demand remained the biggest driver of the market, but this level of strength might not be maintained for long,” said Yang Yulei, a senior analyst with Homelink.

These pre-occupied homes cost an average of 39,152 yuan per square meter, an increase of 1 percent from the previous month. In terms of unit price, they sold for around 3.21 million yuan each, a notable rise of 7 percent from April.


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