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Robust new home sales as sentiment recovers
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SENTIMENT among home buyers rebounded last week in Shanghai as seven-day transactions climbed above 300,000 square meters again, latest market data showed.
The city saw 315,900 square meters of new homes sold, excluding government-subsidized affordable housing, up 6.2 percent from the previous week, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
Meanwhile, the new homes were sold at 32,355 yuan (US$5,218) per square meter on average, up 2.2 percent week on week, according to Uwin.
“Since April, the city’s housing market has been robust amid a series of favorable policies from the government and last week’s volume was the latest evidence that the rally continued to extend,” said Huang Zhijian, chief analyst at Uwin. “A structural shift helped lift the average price to a new high.”
Uwin said the transaction area of new homes priced at above 60,000 yuan per square meter rose 27 percent last week from the previous seven-day period, compared with a 6.2 percent rise in the overall market.
As of Sunday, nearly 1 million square meters of new homes had been sold in Shanghai in May, Uwin data showed.
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