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Sentiment strengthens in property
By Cherry Cao |
March 20, 2012, Tuesday
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Print Edition
Print Edition
A recovery in sentiment among real estate developers and homebuyers continued to pick up strength in Shanghai last week, market data showed yesterday.
The purchases of new homes, excluding government-funded affordable housing, rose 7.5 percent weekly to 160,600 square meters over seven days ended Sunday, Shanghai Deovolente Realty Co said. The average price climbed 5.3 percent to 21,791 yuan (US$3,459) per square meter, extending gains for the third straight week.
"The seven-day transaction volume, the second-highest in the city in over half a year, is further evidence the city's residential market is strengthening due to the release of pent-up demand after developers cut their prices," said Lu Qilin, a researcher at Deovolente. "The average price grew due to an increased proportion of high-end houses."
Last week, 38 housing units costing more than 50,000 yuan per square meter each were sold, up 100 percent from the previous week, Century 21 China Real Estate reported yesterday.
The purchases of new homes, excluding government-funded affordable housing, rose 7.5 percent weekly to 160,600 square meters over seven days ended Sunday, Shanghai Deovolente Realty Co said. The average price climbed 5.3 percent to 21,791 yuan (US$3,459) per square meter, extending gains for the third straight week.
"The seven-day transaction volume, the second-highest in the city in over half a year, is further evidence the city's residential market is strengthening due to the release of pent-up demand after developers cut their prices," said Lu Qilin, a researcher at Deovolente. "The average price grew due to an increased proportion of high-end houses."
Last week, 38 housing units costing more than 50,000 yuan per square meter each were sold, up 100 percent from the previous week, Century 21 China Real Estate reported yesterday.
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