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Luxury property sees solid transaction in Shanghai
By Cherry Cao |
December 12, 2012, Wednesday
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Online Edition
Online Edition
TWELVE luxury residential developments in Shanghai saw transaction of more than 10,000 square meters during the first 11 months of this year, with Lujiazui and Huamu in Pudong New Area as well as Longhua in Xuhui District recording the most vibrant sales, according to latest market research.
Luxury houses refer to those with a price tag of 50,000 yuan (US$7,950) per square meter and above.
Among the 12 projects, seven in Pudong and the rest on the other side of the Huangpu River, COFCO Ocean One in the heart of Little Lujiazui stands out as the most expensive with 32 units being sold for an average price of 132,558 yuan per square meter between January and November.
It's immediately followed by Shanghai Arch, a development of Sun Hung Kai Properties, which registered sales of 64 apartments at an average price of 114,946 yuan per square meter during the same period, operator of the country's largest real estate website Soufun.com said in a report released today.
The 12 developments saw combined sales of 964 units, or 271,000 square meters in total in the first 11 months, Soufun data showed.
"Luxury properties remain a haven asset for many people as inflationary pressure continues to exist while the country's stock market has also been bumpy," said Zhang Yinping, a Soufun analyst. "By size, homes of between 200 and 300 square meters seem to the most preferred type."
Shanghai saw improved home buying momentum this year with a total of 68,128 units of new houses, excluding government-funded affordable housing, being sold during the first 11 months, a year-on-year rise of 15.3 percent, Soufun said.
Luxury houses refer to those with a price tag of 50,000 yuan (US$7,950) per square meter and above.
Among the 12 projects, seven in Pudong and the rest on the other side of the Huangpu River, COFCO Ocean One in the heart of Little Lujiazui stands out as the most expensive with 32 units being sold for an average price of 132,558 yuan per square meter between January and November.
It's immediately followed by Shanghai Arch, a development of Sun Hung Kai Properties, which registered sales of 64 apartments at an average price of 114,946 yuan per square meter during the same period, operator of the country's largest real estate website Soufun.com said in a report released today.
The 12 developments saw combined sales of 964 units, or 271,000 square meters in total in the first 11 months, Soufun data showed.
"Luxury properties remain a haven asset for many people as inflationary pressure continues to exist while the country's stock market has also been bumpy," said Zhang Yinping, a Soufun analyst. "By size, homes of between 200 and 300 square meters seem to the most preferred type."
Shanghai saw improved home buying momentum this year with a total of 68,128 units of new houses, excluding government-funded affordable housing, being sold during the first 11 months, a year-on-year rise of 15.3 percent, Soufun said.
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