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Sales of new homes touch 76-week high
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SALES of new homes soared to a 76-week high in Shanghai as buying momentum continued to rise, latest market data showed.
The purchases of new homes, excluding government-funded affordable housing, jumped 31.7 percent to 374,500 square meters during the seven-day period ended on Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
“A couple of reasons, including the end-of-the-month factor as well as the loosened mortgage policies announced on March 30 by the central government, contributed to last week’s surge, which was the highest seven-day volume registered since November 11, 2013,” said Huang Zhijian, chief analyst at Uwin.
The end-of-the-month factor refers to a phenomenon which is frequently seen at the end of every month when property transactions will usually surge as developers boost sales to pad their monthly figures.
“For the whole month, we expect the transaction volume to hit around 1.15 million square meters which could be a pretty good start for the second quarter,” Huang said.
As of Sunday, 999,200 square meters of new homes were sold in April in Shanghai, according to Uwin data.
The average price of these new homes rose 6.2 percent week on week to 28,951 yuan (US$4,657) per square meter, helped by good sales recently at a luxury housing project in Zhabei District.
The 134 units at this project were sold for an average of 69,092 yuan per square meter in the seven-day period.
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