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Shanghai new home sales climb 26.5%
By Cherry Cao |
March 18, 2013, Monday
|
Online Edition
Online Edition
WEEKLY sales of new homes rose to the highest in about 30 months in Shanghai last week with mid to low-end properties remaining extremely popular among buyers.
The purchases of new residential properties, excluding government-funded affordable housing, jumped 26.5 percent from the previous seven-day period to 394,700 square meters, the fourth straight weekly gain, Shanghai Deovolente Realty Co said today.
The average cost of new homes, meanwhile, rose 10 percent from a week earlier to 22,545 yuan (US$3,590) per square meter.
"Last week's transaction volume surpassed our expectations as March is a traditional good season for property sales when sentiment picks up after the Spring Festival holiday," said Lu Qilin, a Deovolente researcher. "Robust market demand, coupled with some 'panic' buying caused by the government's reintroduction of a 20 percent capital gains tax on profits from property sales, led to the notable surge in sales."
Across the city, residential projects in outlying areas continued to be the most sought-after properties last week. Eight of the 10 best-selling developments cost less than 20,000 yuan a square meter, Deovolente data showed.
In the luxury home market, defined as more than 50,000 yuan per square meter, strong sales were also registered last week with 69 units being sold across the city, a week-on-week increase of 43 units.
Two apartments at Tomson Riviera, the city's most expensive apartment project which hadn't registered a sale since July 2011, were sold last week, both for a price of around 150,000 yuan per square meter.
On the supply side, about 120,600 square meters of new houses were released to the market, a drop of 38 percent from the previous week.
The purchases of new residential properties, excluding government-funded affordable housing, jumped 26.5 percent from the previous seven-day period to 394,700 square meters, the fourth straight weekly gain, Shanghai Deovolente Realty Co said today.
The average cost of new homes, meanwhile, rose 10 percent from a week earlier to 22,545 yuan (US$3,590) per square meter.
"Last week's transaction volume surpassed our expectations as March is a traditional good season for property sales when sentiment picks up after the Spring Festival holiday," said Lu Qilin, a Deovolente researcher. "Robust market demand, coupled with some 'panic' buying caused by the government's reintroduction of a 20 percent capital gains tax on profits from property sales, led to the notable surge in sales."
Across the city, residential projects in outlying areas continued to be the most sought-after properties last week. Eight of the 10 best-selling developments cost less than 20,000 yuan a square meter, Deovolente data showed.
In the luxury home market, defined as more than 50,000 yuan per square meter, strong sales were also registered last week with 69 units being sold across the city, a week-on-week increase of 43 units.
Two apartments at Tomson Riviera, the city's most expensive apartment project which hadn't registered a sale since July 2011, were sold last week, both for a price of around 150,000 yuan per square meter.
On the supply side, about 120,600 square meters of new houses were released to the market, a drop of 38 percent from the previous week.
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