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Sales in Shanghai the most in 30 months
By Cherry Cao |
March 19, 2013, Tuesday
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Print Edition
Print Edition
SALES of new homes were at their highest in about 30 months in Shanghai last week.
Excluding government-funded affordable housing, sales jumped 26.5 percent from the previous week to 394,700 square meters, the fourth straight week of increases, Shanghai Deovolente Realty Co said yesterday.
The average cost of new homes rose 10.1 percent from the previous week to 22,545 yuan (US$3,590) per square meter.
"Last week's transaction volume beat our expectations though March is a traditionally good season for property sales when sentiment picks up after the Spring Festival," said Lu Qilin, a Deovolente researcher. "Robust market demand, coupled with some 'panic' buying triggered by the government's reintroduction of a 20 percent capital gains tax on profits from property sales, jointly led to the notable surge in sales."
Residential projects in outlying areas continued to be the most sought-after last week with eight of the 10 best-selling developments asking less than 20,000 yuan a square meter.
In the luxury home market, 69 units - at more than 50,000 yuan per square meter - were sold, 43 more than the previous week.
Among them, Tomson Riviera, which hadn't registered any sales since July 2011, saw two apartments sold last week for around 150,000 yuan per square meter.
About 120,600 square meters of new houses were released to the local market, 38 percent down compared to the week before.
Excluding government-funded affordable housing, sales jumped 26.5 percent from the previous week to 394,700 square meters, the fourth straight week of increases, Shanghai Deovolente Realty Co said yesterday.
The average cost of new homes rose 10.1 percent from the previous week to 22,545 yuan (US$3,590) per square meter.
"Last week's transaction volume beat our expectations though March is a traditionally good season for property sales when sentiment picks up after the Spring Festival," said Lu Qilin, a Deovolente researcher. "Robust market demand, coupled with some 'panic' buying triggered by the government's reintroduction of a 20 percent capital gains tax on profits from property sales, jointly led to the notable surge in sales."
Residential projects in outlying areas continued to be the most sought-after last week with eight of the 10 best-selling developments asking less than 20,000 yuan a square meter.
In the luxury home market, 69 units - at more than 50,000 yuan per square meter - were sold, 43 more than the previous week.
Among them, Tomson Riviera, which hadn't registered any sales since July 2011, saw two apartments sold last week for around 150,000 yuan per square meter.
About 120,600 square meters of new houses were released to the local market, 38 percent down compared to the week before.
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