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New home sales jump 26.1% last week
By Cherry Cao |
December 17, 2012, Monday
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Online Edition
Online Edition
HOME buying sentiment rebounded notably in Shanghai last week as developers ramped up sales to boost revenue.
Sales of new homes, excluding government-subsidized affordable housing, jumped 26.1 percent week on week to 237,500 square meters during the seven days through Sunday, Shanghai Deovolente Realty Co said today.
New home supply, meanwhile, soared 37.5 percent from the previous week to 332,800 square meters, the highest in 11 weeks.
"As supply surged, it is very likely that we are going to see significant increase in new home sales for the rest of the month, particularly in outlying areas where demand from budget home seekers remains strong," said Lu Qilin, a Deovolente researcher. "New home sales in December will probably exceed 900,000 square meters if the momentum carries on."
As of Sunday, about 499,000 square meters of new homes were sold in the city, up 7.2 percent from a month ago, according to Deovolente.
Average price of new homes rose 4.7 percent from a week earlier to 22,234 yuan (US$3,535) per square meter, boosted by robust sales of luxury properties.
A total of 45 units costing more than 50,000 yuan per square meter were sold in Shanghai last week, up 80 percent weekly, according to a separate report released by Century 21 China Real Estate. Seven units sold for more than 100,000 yuan per square meter.
Sales of new homes, excluding government-subsidized affordable housing, jumped 26.1 percent week on week to 237,500 square meters during the seven days through Sunday, Shanghai Deovolente Realty Co said today.
New home supply, meanwhile, soared 37.5 percent from the previous week to 332,800 square meters, the highest in 11 weeks.
"As supply surged, it is very likely that we are going to see significant increase in new home sales for the rest of the month, particularly in outlying areas where demand from budget home seekers remains strong," said Lu Qilin, a Deovolente researcher. "New home sales in December will probably exceed 900,000 square meters if the momentum carries on."
As of Sunday, about 499,000 square meters of new homes were sold in the city, up 7.2 percent from a month ago, according to Deovolente.
Average price of new homes rose 4.7 percent from a week earlier to 22,234 yuan (US$3,535) per square meter, boosted by robust sales of luxury properties.
A total of 45 units costing more than 50,000 yuan per square meter were sold in Shanghai last week, up 80 percent weekly, according to a separate report released by Century 21 China Real Estate. Seven units sold for more than 100,000 yuan per square meter.
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