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New home sales rebound in Shanghai

NEW home sales continued to rebound for the second week in Shanghai as the market gradually picked up its strength after the new year holiday while sluggish sentiment still remained prevalent among developers, latest market data suggest.

The purchases of new residential properties, excluding government-subsidized affordable housing, rose 35.9 percent week over week to 119,300 square meters, Shanghai Deovolente Realty Co said in a report released today. Average cost of the homes fell 8.4 percent to 27,383 yuan (US$4,416) per square meter, a result of structural shift, Deovolente data showed.

"There had been no supply of new houses in the local market for two consecutive weeks, which was quite rare," said Lu Qilin, a Deovolente researcher. "It could be possible that real estate developers just wanted to be a bit more cautious during this 'sensitive' period of time when the National People's Congress and the Chinese People's Political Consultative Conference are not yet finished."

The last time when the city registered new supply was around the Spring Festival holiday when nearly 330,000 square meters of new properties were released to the local market, according to Deovolente data.

Fewer luxury houses were sold last week. Only 48 units with a price of 50,000 yuan per square meter and above were purchased, a decrease of 10 from the previous seven-day period.

Citywide, a residential project in Zhoukang, Nanhui of Pudong New Area, was the most popular development for the week when 29 apartments there were sold for an average price of a little bit over 19,000 yuan per square meter.

"We expect the market to continue to gain momentum over the next couple of weeks and remain unchanged in our forecast of a quite good year for the property market," Lu added.


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