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Purchases of luxury homes soar in H1
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SALES in Shanghai’s high-end residential market soared in the first six months of this year and the strong momentum may continue through the second half as favorable policies take effect, industry analysts said.
Between January and June, 820,000 square meters of new homes priced 50,000 yuan (US$8,056) per square meter and above were sold across the city, a surge of 155 percent from the same period a year earlier, a latest research released yesterday by Shanghai Deovolente Realty Co showed.
The total area sold translated to 4,429 homes transacted in the first half, with sales of 1,398 units in June alone — both a record in Shanghai.
Carlby Xie, director of research at Colliers International China, attributed the outstanding performance to “stimulus measures including loosening mortgage policies as well as interest rate cuts.”
Meanwhile, Colliers predicted the average price of new homes may rise 20 percent in the second half of this year from the first half.
New homes were sold for an average 31,615 yuan per square meter in Shanghai during the first six months of this year, an increase of 10.7 percent from the second half of last year and a gain of 19 percent from the same period a year ago, according to Colliers’ data.
Jenny Wu, director of residential sales for east China operations at DTZ, said: “The residential market will likely experience stable growth in the second half of this year with housing prices seeing reasonable gains.”
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