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Price of new homes hitting 7-month high in Shanghai
By Lydia Chen |
December 28, 2010, Tuesday
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Online Edition
Online Edition
THE average price of new homes in Shanghai shot to a seven-month high of 24,476 yuan (US$3,694) per square meter last week amid government pledge to bring down housing price after repeated failures.
The new homes, excluding budget homes and houses for relocated families, were sold at an average price of 24,476 yuan per square meter from December 20-26, the highest since May 10, Shanghai Youwin Real Estate Information Service Co revealed.
Although still a week before the New Year, the price hike has already raised the year's average to more than 20,000 yuan, a 32 percent increase from 2009. Last year the city's home price gained 16 percent year on year, Youwin said.
About 367,000 square meters of new homes were sold last week, a week-on-week hike of 34 percent. It is the second highest since June, said the leading real estate research firm.
Although the city added extra homes of 461,000 square meters to the market last week, the price hike was just inevitable when buyers snapped up high-end houses, a senior analyst at Youwin said.
"The rise was mainly caused by increased sales of high-end homes, which pushed the average price higher," said Lu Qilin, chief analyst at Youwin.
Seven out of 15 housing developments entering the market last week were high-end residential buildings. Their average price was more than 30,000 yuan per square meter with the top price approaching 100,000 yuan, according to Youwin.
The new homes, excluding budget homes and houses for relocated families, were sold at an average price of 24,476 yuan per square meter from December 20-26, the highest since May 10, Shanghai Youwin Real Estate Information Service Co revealed.
Although still a week before the New Year, the price hike has already raised the year's average to more than 20,000 yuan, a 32 percent increase from 2009. Last year the city's home price gained 16 percent year on year, Youwin said.
About 367,000 square meters of new homes were sold last week, a week-on-week hike of 34 percent. It is the second highest since June, said the leading real estate research firm.
Although the city added extra homes of 461,000 square meters to the market last week, the price hike was just inevitable when buyers snapped up high-end houses, a senior analyst at Youwin said.
"The rise was mainly caused by increased sales of high-end homes, which pushed the average price higher," said Lu Qilin, chief analyst at Youwin.
Seven out of 15 housing developments entering the market last week were high-end residential buildings. Their average price was more than 30,000 yuan per square meter with the top price approaching 100,000 yuan, according to Youwin.
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