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Sentiment sparks more purchases of new homes
By Cherry Cao |
April 17, 2012, Tuesday
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Print Edition
Print Edition
MORE new homes, especially in the low-to-mid-class segments of the market, were sold in Shanghai last week as buying sentiment rebounded, market data revealed yesterday.
The purchases of new homes, excluding government-funded affordable housing, jumped 42 percent from a week earlier to 152,600 square meters during the seven-day period ended Sunday, data released by Shanghai Deovolente Realty Co showed.
"The market momentum recovered from a seven-week low, which was primarily caused by the three-day Qingming Festival holiday, and was back on track to recover," said Lu Qilin, a researcher at Deovolente. "The recovery could be sustained if real estate developers keep offering discounts and releasing price-for-value projects."
Buyers paid an average 21,069 yuan (US$3,344) per square meter for the new homes, down a weekly 3.7 percent.
An apartment development in outlying Jiading District was the best seller last week when 266 units were sold for an average price of 9,165 yuan per square meter. Three projects in Qingpu and Baoshan, also outlying districts, followed with their apartments selling at less than 20,000 yuan per square meter, the data showed.
Meanwhile, the transactions of luxury housing also grew sharply from a week earlier. Thirty-four homes totaling 8,100 square meters, each costing more than 50,000 yuan per square meter, were sold last week in Shanghai, up from 13 units, or 3,500 square meters, recorded the week earlier.
Shanghai Arch, a residential project in Pudong New Area developed by Hong Kong-based Sun Hung Kai Properties, sold seven units last week at an average 118,094 yuan per square meter, Shanghai Uwin Real Estate Information Services Co said.
The purchases of new homes, excluding government-funded affordable housing, jumped 42 percent from a week earlier to 152,600 square meters during the seven-day period ended Sunday, data released by Shanghai Deovolente Realty Co showed.
"The market momentum recovered from a seven-week low, which was primarily caused by the three-day Qingming Festival holiday, and was back on track to recover," said Lu Qilin, a researcher at Deovolente. "The recovery could be sustained if real estate developers keep offering discounts and releasing price-for-value projects."
Buyers paid an average 21,069 yuan (US$3,344) per square meter for the new homes, down a weekly 3.7 percent.
An apartment development in outlying Jiading District was the best seller last week when 266 units were sold for an average price of 9,165 yuan per square meter. Three projects in Qingpu and Baoshan, also outlying districts, followed with their apartments selling at less than 20,000 yuan per square meter, the data showed.
Meanwhile, the transactions of luxury housing also grew sharply from a week earlier. Thirty-four homes totaling 8,100 square meters, each costing more than 50,000 yuan per square meter, were sold last week in Shanghai, up from 13 units, or 3,500 square meters, recorded the week earlier.
Shanghai Arch, a residential project in Pudong New Area developed by Hong Kong-based Sun Hung Kai Properties, sold seven units last week at an average 118,094 yuan per square meter, Shanghai Uwin Real Estate Information Services Co said.
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