New home sales show major rebound last week

By Cherry Cao | March 17, 2014, Monday |

Online Edition

SHANGHAI'S new home sales market saw a major rebound last week with medium- to high-end products recording robust transactions.

The purchases of new residential properties, excluding government-subsidized affordable housing, jumped 45.9 percent to 199,800 square meters during the seven-day period ended Sunday, the highest in 10 weeks, Shanghai Uwin Real Estate Information Services Co said in a report released today.

"Depite the notable rebound, the volume was still rather low compared to 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 expected to pick up gradually in the next couple of weeks as more real estate developers are launching their products."

Average cost of the homes, meanwhile, stayed above the 28,000 yuan (US$4,568) per square meter threshold for the second week at 28,341 yuan, a weekly dip of 0.4 percent, Uwin data showed.

Across the city, a Greentown development in Huamu, in the Pudong New Area, sold 157 units last week for an average price of 54,244 yuan per square meter, making it the most popular project.

Business Real Estate

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New home sales show major rebound last week

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