New home sales hit 4-year high in Shanghai

By Cherry Cao | October 24, 2013, Thursday |

Online Edition

SHANGHAI'S new home purchases rose to the highest in four years, fuelled by robust sentiment among home buyers, latest research showed.

As of yesterday, sales of new residential properties, excluding government-subsidized affordable housing, exceeded 10 million square meters in the city, Shanghai Deovolente Realty Co said in a report released today.

That compared to 9.71 million square meters, 7.3 million square meters and 9.38 million square meters registered, respectively, between 2010 and 2012, according to Deovolente data.

"2013 seems to be an extremely strong year for new property sales with four of the first nine months recording monthly volume of more than 1 million square meters," said Lu Qilin, a Deovolente researcher. "October is also expected to register over 1-million-square-meter sales if the current pace of sales is maintained during the rest few days of this month."

Factors that the government has refrained from issuing new tightening policies as well as continuously robust demand from end-users who are getting more concerned about further price hikes helped boost momentum among home seekers, analysts said.

Among all homes, new houses between 90 and 200 square meters seemed to be the most popular properties while small- and medium-sized apartments registered the biggest price growth, according to a separate research released by Century 21 China Real Estate.

As of Monday, altogether some 81,000 new houses were sold across the city this year, among which 50,000 are between 90 and 200 square meters.

By price, 90.1 percent of new homes with a size of less than 90 square meters sold this year recorded price increases from same time a year earlier, compared to 89.3 percent for properties between 90 and 200 square meters and 71.4 percent for houses larger than 200 square meters, Century 21 data showed.

Real Estate

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New home sales hit 4-year high in Shanghai

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