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September 19, 2009

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Home » Business » Real Estate

Mainland buyers go for luxury properties

CHINESE mainland buyers dominated purchases of Shanghai luxury houses in both the new and secondary market during the first eight months of this year, according to Shanghai Centaline Property Consultants Ltd.

Centaline, which operates about 150 brokerages across the city, has been tracking 15 high-end residential projects with prices of at least 40,000 yuan (US$5,856) a square meter.

In the new home market, 83 percent of luxury houses were purchased by mainlanders, with 64 percent of them snapped up by Shanghai residents.

In the existing home market, 67 percent of houses at the high end were bought by mainland buyers, equally split between Shanghainese and people from other provinces and regions, Centaline said in its report.

"Shanghai's luxury housing market has been popular among people not only from the city, but also from other provinces and from offshore," said Qu Anxin, an analyst with Shanghai Centaline.

"China's strong economic growth, its comparatively smaller impact from the global credit crisis and Shanghai's emerging role as a global financial center have made the city's top-end properties attractive to real estate investors," Qu said.

Cash-rich people from the mainland are increasingly viewing property as a sound investment in uncertain times.

"Chinese mainland buyers once accounted for only 20 percent of the market, but now they dominate it," said Danny Ma, director of research at CB Richard Ellis, a United States-based real estate services provider.

Sales of new luxury homes in the city last month nearly doubled to 590 units, the seventh straight monthly gain.


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