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Home » Business » Real Estate
Luxury homes propel sales
By Cao Qian |
June 23, 2009, Tuesday
|
Print Edition
Print Edition
NEW homes in Shanghai were sold last week at the highest average price so far this year, led by booming sales of luxury homes.
A total of 448,400 square meters of new houses, excluding those designated for relocated residents due to urban redevelopment projects, were sold across the city last week, down 1 percent compared with a week earlier.
The average price rose 7 percent to 15,673 yuan (US$2,294) per square meter, according to research released yesterday by Shanghai Uwin Real Estate Information Services Co.
"The average weekly price was the highest so far this year as booming sales of high-end developments continued over the past week," said Lu Qilin, a researcher at Uwin. "For instance, Regency Park in Pudong and Casa Lakeville in Xintiandi have sold very well recently," Lu pointed out.
The supply of new homes, meanwhile, more than doubled in the city from a week earlier as real estate developers rushed to capitalize their products amid strong market sentiment.
Some 533,100 square meters of new residential homes were launched in the city last week, a jump of 130 percent from 231,500 square meters offered a week earlier, according to Uwin statistics.
"The surge in supply during the past week also indicated that real estate developers, uncertain over how long the current sales boom may last, have been accelerating their move to introduce new homes to the market," said Xue Jianxiong, an analyst with E-House (China) Holdings Ltd.
"Many of them chose to collect as much cash as possible because there's so far still no clear sign of a substantial recovery in the economy at home and abroad."
The local industry watchdog has recently offered low starting prices at auctions for land pieces and that could be another reason for developers to speed up home sales, according to industry watchers.
A total of 448,400 square meters of new houses, excluding those designated for relocated residents due to urban redevelopment projects, were sold across the city last week, down 1 percent compared with a week earlier.
The average price rose 7 percent to 15,673 yuan (US$2,294) per square meter, according to research released yesterday by Shanghai Uwin Real Estate Information Services Co.
"The average weekly price was the highest so far this year as booming sales of high-end developments continued over the past week," said Lu Qilin, a researcher at Uwin. "For instance, Regency Park in Pudong and Casa Lakeville in Xintiandi have sold very well recently," Lu pointed out.
The supply of new homes, meanwhile, more than doubled in the city from a week earlier as real estate developers rushed to capitalize their products amid strong market sentiment.
Some 533,100 square meters of new residential homes were launched in the city last week, a jump of 130 percent from 231,500 square meters offered a week earlier, according to Uwin statistics.
"The surge in supply during the past week also indicated that real estate developers, uncertain over how long the current sales boom may last, have been accelerating their move to introduce new homes to the market," said Xue Jianxiong, an analyst with E-House (China) Holdings Ltd.
"Many of them chose to collect as much cash as possible because there's so far still no clear sign of a substantial recovery in the economy at home and abroad."
The local industry watchdog has recently offered low starting prices at auctions for land pieces and that could be another reason for developers to speed up home sales, according to industry watchers.
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