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High-end homes lift average price, though sales shrink
By Cherry Cao |
November 19, 2012, Monday
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IMPROVED sentiment in the mid- to high-end segment sent the city's average new home price to the highest in 15 weeks despite a fall in sales, industry data showed today.
Two luxury apartments fetched more than 100 million yuan (US$15.87 million) each last week, indicating a strong sentiment among luxury property buyers.
The average new home price, excluding government-funded affordable homes, rose 9 percent to 24,073 yuan per square meter while weekly purchases dipped 2.1 percent to 197,700 square meters, according to Shanghai Deovolente Realty Co.
"A couple of luxury developments on both sides of the Huangpu River registered good sales last week, led by Casa Lakeville in Puxi and Ocean One in Pudong," said Lu Qilin, a Deovolente researcher. "So far this year, only three apartments in Shanghai have managed to fetch a price of over 100 million yuan and two were sold last week."
A 686-square-meter apartment in Casa Lakeville, a Shui On development in Xintiandi, was sold for 111.78 million yuan, or 163,000 yuan per square meter, while a 592-square-meter unit in Ocean One, a COFCO development in the heart of Lujiazui, fetched 101.94 million yuan, or 172,000 yuan per square meter, Deovolente data showed.
In September, a 619-square-meter duplex apartment at Ocean One was sold for around 116 million yuan, making it the city's most expensive apartment.
Sales of new homes priced above 30,000 yuan per square meter totaled 46,300 square meters last week, nearly a quarter of the total, according to Deovolente data.
As of Sunday, new home sales totaled 529,700 square meters in November, up 20 percent and 22 percent from same period in October and September.
Two luxury apartments fetched more than 100 million yuan (US$15.87 million) each last week, indicating a strong sentiment among luxury property buyers.
The average new home price, excluding government-funded affordable homes, rose 9 percent to 24,073 yuan per square meter while weekly purchases dipped 2.1 percent to 197,700 square meters, according to Shanghai Deovolente Realty Co.
"A couple of luxury developments on both sides of the Huangpu River registered good sales last week, led by Casa Lakeville in Puxi and Ocean One in Pudong," said Lu Qilin, a Deovolente researcher. "So far this year, only three apartments in Shanghai have managed to fetch a price of over 100 million yuan and two were sold last week."
A 686-square-meter apartment in Casa Lakeville, a Shui On development in Xintiandi, was sold for 111.78 million yuan, or 163,000 yuan per square meter, while a 592-square-meter unit in Ocean One, a COFCO development in the heart of Lujiazui, fetched 101.94 million yuan, or 172,000 yuan per square meter, Deovolente data showed.
In September, a 619-square-meter duplex apartment at Ocean One was sold for around 116 million yuan, making it the city's most expensive apartment.
Sales of new homes priced above 30,000 yuan per square meter totaled 46,300 square meters last week, nearly a quarter of the total, according to Deovolente data.
As of Sunday, new home sales totaled 529,700 square meters in November, up 20 percent and 22 percent from same period in October and September.
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