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New home purchases jump 31% in Shanghai
By Cherry Cao |
May 14, 2012, Monday
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Online Edition
Online Edition
HOME buying sentiment climbed notably in Shanghai last week with improved sales of residential units in all price ranges.
Purchases of new homes, excluding government-funded affordable housing, jumped 31 percent from a week earlier to 200,800 square meters in the city during the seven days ended on Sunday, said a report released today by Shanghai Deovolente Realty Co.
"An overall recovery in the residential market helped push up weekly sales to the highest since April," said Lu Qilin, a researcher at Deovolente. "Significant growth in transaction of luxury houses also led to an increase in average price."
For instance, a residential project in outlying Qingpu District sold 193 apartments last week at an average price of 11,151 yuan (US$1,770) per square meter, topping all other developments around the city. Meanwhile, Shanghai Arch, a Sun Hung Kai Properties development in Pudong New Area, sold 7 units during the same period at an average price of more than 110,000 yuan per square meter, becoming the best-selling luxury project in the city for the week, according to Devolente data.
Around the city, new homes sold last week at an average of 21,700 yuan per square meter, up 5.2 percent from the week earlier.
A total of 35 luxury housing units costing above 50,000 yuan per square meter were sold, compared to 15 units registered during the previous week.
A separate report by Shanghai Uwin Real Estate Information Services Co showed that sales of new homes costing above 40,000 yuan a square meter soared 120 percent week on week to 13,700 square meters.
On the supply side, nearly 147,000 square meters of new residential properties at 12 projects were released to the local market last week, up 10 percent from the week before.
As of Sunday, new home sales in May totaled 341,600 square meters in Shanghai, an increase of 48 percent from the same period in April, Uwin data showed.
Purchases of new homes, excluding government-funded affordable housing, jumped 31 percent from a week earlier to 200,800 square meters in the city during the seven days ended on Sunday, said a report released today by Shanghai Deovolente Realty Co.
"An overall recovery in the residential market helped push up weekly sales to the highest since April," said Lu Qilin, a researcher at Deovolente. "Significant growth in transaction of luxury houses also led to an increase in average price."
For instance, a residential project in outlying Qingpu District sold 193 apartments last week at an average price of 11,151 yuan (US$1,770) per square meter, topping all other developments around the city. Meanwhile, Shanghai Arch, a Sun Hung Kai Properties development in Pudong New Area, sold 7 units during the same period at an average price of more than 110,000 yuan per square meter, becoming the best-selling luxury project in the city for the week, according to Devolente data.
Around the city, new homes sold last week at an average of 21,700 yuan per square meter, up 5.2 percent from the week earlier.
A total of 35 luxury housing units costing above 50,000 yuan per square meter were sold, compared to 15 units registered during the previous week.
A separate report by Shanghai Uwin Real Estate Information Services Co showed that sales of new homes costing above 40,000 yuan a square meter soared 120 percent week on week to 13,700 square meters.
On the supply side, nearly 147,000 square meters of new residential properties at 12 projects were released to the local market last week, up 10 percent from the week before.
As of Sunday, new home sales in May totaled 341,600 square meters in Shanghai, an increase of 48 percent from the same period in April, Uwin data showed.
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