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Home buyers sentiment remain weak
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THE area of new homes sold in Shanghai fell to a nine-week low but strong sales in the high-end segment pushed average price to a new high.
A total of 249,400 square meters of new residential properties, excluding government-funded affordable housing, were sold in the city last week, a decrease of 6.3 percent from the previous seven-day period, Shanghai Deovolente Realty Co said in a report released yesterday.
The new houses were sold for an average 33,914 yuan (US$5,459) per square meter, a record for the city and a week-on-week rise of 3.7 percent.
“Sentiment among the general home seekers fell for the second straight week but luxury home buyers seemed quite bullish with three out of the 10 best-selling projects standing above the 50,000 yuan per square meter barrier,” said Lu Qilin, a researcher at Deovolente.
Across the city, 267 new housing units with a price of 50,000 yuan per square meter and above, were sold last week, an increase of 21 from the previous week, Deovolente data showed.
On the supply side, about 177,800 square meters of new homes were released to the local market, a week-on-week drop of 26 percent.
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