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New home sales remain robust in Shanghai
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THE average cost of a new home exceeded the 26,000-yuan-per-square-meter (US$4,262 per square meter) threshold in Shanghai last week amid extremely robust sales of high-end residential properties, the latest sign for unabating sentiment among home-seekers despite government curbs.
The average price of new houses, excluding government-funded affordable housing, climbed 12 percent week-on-week to 26,527 yuan per square meter during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said today.
By volume, new residential properties fell 8.6 percent to 331,100 square meters during the same period, standing above the 300,000-square-meter threshold for the second straight week.
"Despite a decrease in transaction volume, the weekly average price surged to the highest year-to-date as a result of particularly strong sentiment registered in the high-end sector," said Lu Qilin, a Deovolente researcher. "The city's three best-selling projects, for instance, all cost more than 20,000 yuan per square meter, which was rather uncommon."
Around the city, a Poly Real Estate development in northern Yangpu District became the most sought-after project last week with 183 units being sold for an average 45,884 yuan per square meter, according to Deovolente data.
"We expect the current strong momentum to extend at least through the end of this month as demand from buyers remains buoyant," said Huang Hetao, a research manager at Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers. "Most developers stayed upbeat about the industry prospects after recording robust sales over the past two months."
As of Sunday, new home purchases in Shanghai totaled 764,000 square meters in October, a dip of 1.6 percent from samer period in September but a surge of 50.4 percent from same period a year earlier, Century 21 data showed.
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