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New home sales hit highest in 15 weeks
By Cherry Cao |
October 16, 2012, Tuesday
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Print Edition
Print Edition
NEW home sales in Shanghai rose to the highest in 15 weeks on robust demand for low to mid-class properties although the average price fell, according to latest industry data.
Sales of new homes, excluding government-subsidized affordable housing, more than tripled from the previous seven-day period to 253,200 square meters last week, the highest since July, Shanghai Deovolente Realty Co said yesterday.
They were sold at an average of 20,114 yuan (US$3,205) per square meter, a 33-week low. On a weekly basis, the price fell 3.6 percent.
"An abundant supply in the second half of September, particularly projects targeting budget-tight first-time buyers, helped trigger last week's home sales," said Lu Qilin, a Deovolente researcher.
"The extremely robust sentiment for low to mid-class developments dragged down the average price to a 33-week low," he said.
Nearly 440,000 square meters of new houses were released locally during the last two weeks of September, compared with the weekly average supply of 161,700 square meters so far this year, the data showed.
In the first two weeks of this month, about 331,000 square meters of new homes were sold in Shanghai, an increase of 5.1 percent from the same period in September and an annual surge of 99.4 percent, Century 21 China Real Estate said yesterday in a separate report.
Sales of new homes, excluding government-subsidized affordable housing, more than tripled from the previous seven-day period to 253,200 square meters last week, the highest since July, Shanghai Deovolente Realty Co said yesterday.
They were sold at an average of 20,114 yuan (US$3,205) per square meter, a 33-week low. On a weekly basis, the price fell 3.6 percent.
"An abundant supply in the second half of September, particularly projects targeting budget-tight first-time buyers, helped trigger last week's home sales," said Lu Qilin, a Deovolente researcher.
"The extremely robust sentiment for low to mid-class developments dragged down the average price to a 33-week low," he said.
Nearly 440,000 square meters of new houses were released locally during the last two weeks of September, compared with the weekly average supply of 161,700 square meters so far this year, the data showed.
In the first two weeks of this month, about 331,000 square meters of new homes were sold in Shanghai, an increase of 5.1 percent from the same period in September and an annual surge of 99.4 percent, Century 21 China Real Estate said yesterday in a separate report.
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