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New home purchases climb 42% in Shanghai
By Cherry Cao |
April 16, 2012, Monday
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Online Edition
Online Edition
BUYING sentiment for new residential properties rebounded last week in Shanghai, particularly in the mid and low-end housing sectors, according to the latest market data.
Purchases of new homes, excluding government-funded affordable housing, jumped 42 percent from a week earlier to 152,600 square meters during the seven-day period ended on Sunday, according to Shanghai Deovolente Realty Co.
"Market momentum recovered from a seven-week low, which was primarily caused by the three-day Qingming Festival holiday, and is back on track to recover," Lu Qilin, a researcher at Deovolente, said today. "The recovery could be sustainable if real estate developers keep offering discounts and releasing price-for-value projects."
An apartment development in outlying Jiading District, for instance, snatched the No.1 position last week by securing sales of 266 units for an average price of 9,165 yuan (US$1,457) per square meter. It was followed by three projects in suburban Qingpu and Baoshan. Those projects were all priced at less than 20,000 yuan per square meter, Deovolente data showed.
Across the city, buyers paid an average of 21,069 yuan per square meter for the new homes, a weekly drop of 3.7 percent.
While mid- to low-end developments continued to lead sales, transactions of luxury housing also registered significant growth from a week earlier.
Thirty-four homes totaling 8,100 square meters, with a price tag of more than 50,000 yuan per square meter, were sold last week in Shanghai. This compared to 13 units, or 3,500 square meters, recorded a week earlier.
Shanghai Arch, a residential project in Pudong New Area developed by Hong Kong-based Sun Hung Kai Properties, sold seven units last week for an average price of 118,094 yuan per square meter, according to Shanghai Uwin Real Estate Information Services Co.
Hong Kong's largest developer said over the weekend that more than 20 apartments had been purchased since the project's official launch on March 23. With an average asking price of 160,000 yuan per square meter, the development now offers a maximum discount of 7 percent to buyers who can complete a purchase within 60 days.
Purchases of new homes, excluding government-funded affordable housing, jumped 42 percent from a week earlier to 152,600 square meters during the seven-day period ended on Sunday, according to Shanghai Deovolente Realty Co.
"Market momentum recovered from a seven-week low, which was primarily caused by the three-day Qingming Festival holiday, and is back on track to recover," Lu Qilin, a researcher at Deovolente, said today. "The recovery could be sustainable if real estate developers keep offering discounts and releasing price-for-value projects."
An apartment development in outlying Jiading District, for instance, snatched the No.1 position last week by securing sales of 266 units for an average price of 9,165 yuan (US$1,457) per square meter. It was followed by three projects in suburban Qingpu and Baoshan. Those projects were all priced at less than 20,000 yuan per square meter, Deovolente data showed.
Across the city, buyers paid an average of 21,069 yuan per square meter for the new homes, a weekly drop of 3.7 percent.
While mid- to low-end developments continued to lead sales, transactions of luxury housing also registered significant growth from a week earlier.
Thirty-four homes totaling 8,100 square meters, with a price tag of more than 50,000 yuan per square meter, were sold last week in Shanghai. This compared to 13 units, or 3,500 square meters, recorded a week earlier.
Shanghai Arch, a residential project in Pudong New Area developed by Hong Kong-based Sun Hung Kai Properties, sold seven units last week for an average price of 118,094 yuan per square meter, according to Shanghai Uwin Real Estate Information Services Co.
Hong Kong's largest developer said over the weekend that more than 20 apartments had been purchased since the project's official launch on March 23. With an average asking price of 160,000 yuan per square meter, the development now offers a maximum discount of 7 percent to buyers who can complete a purchase within 60 days.
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