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New home sales more than doubled
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NEW home sales in Shanghai more than doubled from a week earlier amid abundant supply, with buyers targeting mid- to low-end properties, according to latest market data.
The purchases of new homes, excluding government-subsidized affordable housing, surged 122 percent to 362,400 square meters during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said in a report released yesterday.
“As expected, transactions soared in the city last week after deals of intent reached during the week-long National Day holiday were finally signed,” said Lu Qilin, a Deovolente researcher.
He added that “demand for mid- to low-end houses was extremely robust.”
Citywide, nine of the 10 best-selling residential projects cost no more than 25,000 yuan a square meter.
New homes were sold for an average 23,682 yuan (US$3,870) per square meter last week, a dip of 0.3 percent week on week, according to Deovolente data.
As of Sunday, new home sales in Shanghai totaled 9.58 million square meters this year, exceeding 9.39 million square meters registered for the whole 2012, according to the data.
Meanwhile, about 282,900 square meters of new homes were released to the local market last week, a weekly drop of 8.9 percent.
But developers are raising prices due to robust buying sentiment.
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