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Sales of mid to high-end homes rebound
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Sales of mid- to high-end houses in Shanghai rebounded notably last week, industry data showed yesterday, and realtors expect sentiment to pick up in coming weeks.
The purchases of new homes, excluding government-funded affordable housing, jumped 36.2 percent from the previous week to 203,000 square meters, Shanghai Deovolente Realty Co said in a report.
“The weekly transaction volume finally exceeded 200,000 square meters again after staying below the threshold for two weeks, mainly boosted by an increase in the mid- to high-end segment,” said Lu Qilin, a Deovolente researcher.
Lu said the new home supply “surged last week as real estate developers began to gear up for the approach of the traditional high season for property sales — September and October.”
Nearly 300,000 square meters of new homes were released locally last week, up 117.4 percent from the previous week.
Huang Hetao, a researcher at Century 21 China Real Estate, said: “We expect market sentiment to climb in the coming few weeks amid rising new supply and cooler weather.”
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