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Sales of new luxury homes to hit 8,000
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Affluent buyers are estimated to purchase 8,000 units of new luxury homes costing 10 million yuan (US$1.5 million) and above each this year in Shanghai.
The city saw 7,606 luxury homes sold as of Tuesday this year, more than the combined number in 2014 and 2013, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
鈥淪tarting April, the monthly purchases of new houses with a price tag of over 10 million yuan have been above 500 units 鈥 solid evidence for a red-hot residential market particularly in the high-end segment,鈥 said Lu Qilin, director of research at Shanghai Homelink.
New homes priced at between 10 million yuan and 20 million yuan accounted for about 80 percent of the total, Homelink data showed.
Favorable property and monetary policies, devaluation of the yuan, a volatile stock market as well as limited investment channels jointly helped boost the sales of luxury homes, market watchers said.
The Pudong New Area led with sales of 1,871 units followed by Xuhui District with 1,108 units sold.
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