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Sales of new homes robust for 2nd week
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NEW home purchases ended above the 200,000-square-meter threshold in Shanghai for the second consecutive week, with mid- to low-end properties selling strongly.
Sales of new homes, excluding government-subsidized affordable housing, totaled 202,000 square meters last week, a slight dip of 0.5 percent from the previous seven-day period, according to a report released yesterday by Shanghai Deovolente Realty Co.
“With September and October approaching, the traditional peak season for property sales, we expect buying momentum to pick up further in Shanghai over the coming few weeks,” said Lu Qilin, a Deovolente researcher. “The overall transaction volume of new homes in August should exceed that of July and stay close to 900,000 square meters.”
As of Sunday, 667,000 square meters of new homes were bought in August, up 16.2 percent from the same period a month ago, Deovolente data showed.
The average cost of the new homes fell 3.4 percent week on week to 23,383 yuan (US$3,815) per square meter.
Of the 10 most popular projects last week, four cost under 20,000 yuan per square meter while none was sold for above 30,000 yuan a square meter.
More than 174,000 square meters of new homes were released locally last week, a weekly plunge of 41.9 percent, according to the data.
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