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New home sales recover solidly
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NEW home sales in Shanghai rebounded sharply last week, with robust deals in medium- to high-end housing.
The purchases of new homes, excluding government-subsidized affordable housing, jumped 45.9 percent to 199,800 square meters during the seven-day period ended on Sunday, the highest in 10 weeks, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
“Despite the notable rebound, the volume was still rather low compared with the weekly average of 230,000 square meters registered over the past 12 months,” said Huang Zhijian, chief analyst at Uwin.
“However, buyers’ sentiment is likely to pick up gradually in the next couple of weeks as more real estate developers are launching their products.”
The average cost of the homes stayed above the 28,000 yuan (US$4,530) per square meter level for the second week at 28,341 yuan, a weekly dip of 0.4 percent, Uwin data showed.
A Greentown development in Huamu in the Pudong New Area became the most popular project when 157 units were sold last week for an average 54,244 yuan per square meter.
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