Home buying recovers, especially in costlier properties

By Cherry Cao | August 19, 2013, Monday |

Online Edition

HOME buying sentiment recovered in Shanghai last week with mid- to high-end properties recording the most notable rebound, according to latest market data.

The purchases of new residential properties, excluding government-funded affordable housing, jumped 36.2 percent from the previous week to 203,000 square meters, Shanghai Deovolente Realty Co said in a report released today.

The average cost of the new homes, meanwhile, rose 8.3 percent week-on-week to 24,200 yuan (US$3,948) per square meter.

"The weekly transaction volume finally exceeded 200,000 square meters again after staying below the threshold for two weeks, mainly boosted by an increase in the mid- to high-end segment," said Lu Qilin, a Deovolente researcher. "Meanwhile, new home supply also surged last week as real estate developers began to gear up as the traditional high season for property sales -- September and October -- is approaching."

About 47,000 square meters of new homes costing more than 30,000 yuan a square meter were sold last week across the city, accounting for 23.1 percent of the city's total new home sales, Deovolente data showed. That compared to 19.8 percent recorded in the previous seven-day period.

Nearly 300,000 square meters of new residential properties were released to the local market last week, a surge of 117.4 percent from the previous week.

"We expect market sentiment to pick up in the coming few weeks amid increasing new supply and cooler weather," said Huang Hetao, a researcher at Century 21 China Real Estate, a leading estate chain in the city.

As of Sunday, new home sales in Shanghai totaled 575,000 square meters in August, an increase of 41 percent from same period a month ago and year-on-year growth of 39 percent, according to Century 21 data.

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

Home buying recovers, especially in costlier properties

Email this to your friend