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Sales of luxury homes soar to record
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SALES of luxury homes soared to a record in Shanghai in March, with the Pudong New Area taking up nearly half of the total sales across the city, according to latest market data.
The city saw sales of 477 new residential units costing more than 50,000 yuan (US$8,051) per square meter last month, the highest monthly volume registered here, Shanghai Deovolente Realty Co said yesterday.
By area, the purchases of new luxury homes more than tripled from a month earlier to 78,000 square meters.
“Transactions of new luxury properties rebounded for the first time in four months amid an increase in supply, an indication of recovering momentum among seekers of high-end homes,” said Lu Qilin, director of research at Deovolente.
“Noticeably, a Greentown development in Pudong’s Huamu area saw 227 units sold last month, accounting for nearly half of the total sales recorded citywide.”
The homes were sold for an average 62,825 yuan per square meter, down 2.86 percent from February, according to Deovolente data.
Nearly 2,300 units of new luxury homes were released locally last month, a monthly rise of nearly 30 percent.
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