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Sales of medium, high-end homes rebounds last week
By Cherry Cao |
October 22, 2012, Monday
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Online Edition
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THE average new home price climbed above 22,000 yuan (US$3,492) per square meter again in Shanghai last week amid improving sentiment for medium and high-end properties though overall sales had double-digit decline.
The purchases of new residential properties, excluding government-funded affordable housing, dropped 17.5 percent week-on-week to 208,800 square meters during the seven-day period ended Sunday, Shanghai Deovolente Realty Co said today.
They fetched on average 22,163 yuan per square meter, a weekly increase of 10.2 percent and the highest in five weeks.
"The city's medium and high-end housing market, which has been quiet for some time, rebounded notably last week," said Lu Qilin, a Deovolente researcher. "A total of 45,500 square meters of new homes priced over 30,000 yuan per square meter were sold across the city, the highest in 11 weeks."
New homes with a price tag between 30,000 yuan and 50,000 yuan per square meter accounted for 16 percent of total transactions, compared with 8 percent the previous week, according to Century 21 China Real Estate.
On the supply side, some 145,800 square meters of new homes were released to the local market last week, a weekly drop of 36.8 percent.
In the first three weeks of this month, nearly 540,000 square meters of new homes were sold in Shanghai, a month-on-month increase of 5 percent and an annual surge of 99.6 percent, Century 21 said.
"Despite the double-digit drop in transaction, the weekly volume of more than 200,000 square meters still signaled a rather robust demand," said Huang Hetao, a Century 21 research manager.
"October's sales volume will likely outperform that in September though the increase would be insignificant."
The purchases of new residential properties, excluding government-funded affordable housing, dropped 17.5 percent week-on-week to 208,800 square meters during the seven-day period ended Sunday, Shanghai Deovolente Realty Co said today.
They fetched on average 22,163 yuan per square meter, a weekly increase of 10.2 percent and the highest in five weeks.
"The city's medium and high-end housing market, which has been quiet for some time, rebounded notably last week," said Lu Qilin, a Deovolente researcher. "A total of 45,500 square meters of new homes priced over 30,000 yuan per square meter were sold across the city, the highest in 11 weeks."
New homes with a price tag between 30,000 yuan and 50,000 yuan per square meter accounted for 16 percent of total transactions, compared with 8 percent the previous week, according to Century 21 China Real Estate.
On the supply side, some 145,800 square meters of new homes were released to the local market last week, a weekly drop of 36.8 percent.
In the first three weeks of this month, nearly 540,000 square meters of new homes were sold in Shanghai, a month-on-month increase of 5 percent and an annual surge of 99.6 percent, Century 21 said.
"Despite the double-digit drop in transaction, the weekly volume of more than 200,000 square meters still signaled a rather robust demand," said Huang Hetao, a Century 21 research manager.
"October's sales volume will likely outperform that in September though the increase would be insignificant."
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