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New home sales decline 0.4% in city
By Cao Qian |
July 5, 2011, Tuesday
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Print Edition
Print Edition
NEW home sales stood above 200,000 square meters in Shanghai for the second week with buying sentiment for top-end houses remaining strong.
Sales of new residential properties, excluding those built under the city's affordable housing programs, dipped 0.4 percent to 230,400 square meters last week, Shanghai Deovolente Realty Co said yesterday. The average price for new homes, meanwhile, climbed 5.9 percent to 22,500 yuan (US$3,477) per square meter last week.
"It was the first time since February that the weekly transaction volume of new homes stayed above 200,000 square meters for two consecutive weeks," said Lu Qilin, a researcher at Deovolente Realty. "However, market sentiment is expected to drop in coming weeks as summer is traditionally a slack season for property sales."
Sales of luxury homes declined but overall was still strong.
A total of 11,100 square meters of new houses costing more than 50,000 yuan per square meter were sold in the city last week, a dip of 2.6 percent from a week earlier, Deovolente data showed.
A 1,000 square meter villa at Rose Garden in Minhang District sold for more than 100 million yuan. An apartment at Tomson Riviera in Little Lujiazui sold for 149,000 yuan per square meter last week while another high-end home at Casa Lakeville in Xintiandi sold for 152,000 yuan per square meter.
On the supply side, less than 160,000 square meters of new houses were released, a plunge of 53.8 percent from the previous seven-day period and also the lowest in four weeks, according to Deovolente research.
New home sales in Shanghai fell 5 percent last month to 789,800 square meters compared to May.
Sales of new residential properties, excluding those built under the city's affordable housing programs, dipped 0.4 percent to 230,400 square meters last week, Shanghai Deovolente Realty Co said yesterday. The average price for new homes, meanwhile, climbed 5.9 percent to 22,500 yuan (US$3,477) per square meter last week.
"It was the first time since February that the weekly transaction volume of new homes stayed above 200,000 square meters for two consecutive weeks," said Lu Qilin, a researcher at Deovolente Realty. "However, market sentiment is expected to drop in coming weeks as summer is traditionally a slack season for property sales."
Sales of luxury homes declined but overall was still strong.
A total of 11,100 square meters of new houses costing more than 50,000 yuan per square meter were sold in the city last week, a dip of 2.6 percent from a week earlier, Deovolente data showed.
A 1,000 square meter villa at Rose Garden in Minhang District sold for more than 100 million yuan. An apartment at Tomson Riviera in Little Lujiazui sold for 149,000 yuan per square meter last week while another high-end home at Casa Lakeville in Xintiandi sold for 152,000 yuan per square meter.
On the supply side, less than 160,000 square meters of new houses were released, a plunge of 53.8 percent from the previous seven-day period and also the lowest in four weeks, according to Deovolente research.
New home sales in Shanghai fell 5 percent last month to 789,800 square meters compared to May.
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