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Luxury house sales lift price
By Cao Qian |
December 13, 2011, Tuesday
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Print Edition
Print Edition
THE improved sales of luxury house pushed the average cost of new homes in Shanghai to a three-month high even as the overall local buying sentiment weakened again.
New houses, excluding government-funded affordable homes, were sold for an average 24,044 yuan (US$3,792) per square meter across the city during the seven-day period ended Sunday, a surge of 23.6 percent from the previous week, according to a report released yesterday by Shanghai Deovolente Realty Co. New home sales, however, dived 37.1 percent to 100,100 square meters, the report showed.
"Comparatively stronger sales of luxury houses helped drive the average price above the 24,000-yuan-per-square-meter threshold again, with properties along the Huangpu River being extremely popular among buyers," said Lu Qilin, a researcher at Deovolente. "As for the mass market homes, buyers' overall momentum still remained sluggish and won't change unless more developers offer notable discounts."
A total of 28 units, or 9,600 square meters, of new residential properties costing more than 50,000 yuan per square meter were sold in Shanghai last week, up from 26 units, or 8,000 square meters, sold in the previous seven-day period. Ten of the units were located along the Huangpu River, according to the report.
On the supply side, only 98,000 square meters of new houses at four projects, all located beyond the city's Outer Ring Road, were released to the local market, a weekly drop of 34.3 percent.
The slack momentum is set to continue as the central government continues its firm stance against speculation in the market.
New home sales will probably stay below 500,000 square meters in December, Shanghai Uwin Real Estate Information Services Co predicted yesterday. Only 150,100 square meters of new homes were sold in the city during the first 11 days of December, an annual plunge of 55.6 percent, Uwin data showed.
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