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February 28, 2017

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Home » Business » Real Estate

Robust buying lifts sales of new homes

SEVEN-DAY sales of new homes rose for the third straight week in Shanghai, helped by robust buying in the medium and low-end segments, latest market data suggest.

The area of new homes sold, excluding government-subsidized affordable housing, jumped 34.1 percent to 125,000 square meters last week, Shanghai Centaline Property Consultants Co said in a report yesterday.

These new homes sold for an average 43,048 yuan (US$6,248) per square meter, down 12 percent from the previous week.

Nanhui in the Pudong New Area and Songjiang District, home to half of the 10 best-selling projects, both sold more than 20,000 square meters of new houses weekly, Centaline data showed.

“Despite their remote locales, the average sales price of new residential properties in Nanhui and Songjiang already exceeded 37,000 yuan per square meter last week,” said Lu Wenxi, senior manager of research at Centaline.

He attributed this to more projects catering to buyers who are upgrading to spacious townhouses being built in outlying areas, which used to target budget-tight first-time home seekers.

Lu also said the increase in average price was due to a government requirement that more decorated apartments were being built by real estate developers.

A residential project in the city’s outlying Fengxian District was the most popular after it sold 113 units last week for an average 20,045 yuan per square meter.

About 39,000 square meters of new houses were released in the city last week, a plunge of 67 percent from a week earlier, according to Centaline data.


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