Shanghai new home sales jump 123% in March

By Cherry Cao | April 1, 2014, Tuesday |

Online Edition

NEW home sales in Shanghai more than doubled in March from a month earlier amid increased supply, an encouraging sign for real estate developers, according to latest market data.

The purchases of new residential properties, excluding government-funded affordable housing, surged 122.7 percent from February to 932,300 square meters last month, Shanghai Uwin Real Estate Information Services Co said in a report released today.

The average price of new houses, meanwhile, edged up 0.34 percent from February to 25,790 yuan (US$4,159) per square meter, staying above the 25,000 yuan threshold for the fifth straight month, Uwin data showed.

"Robust sales registered in the last week of March, particularly the last three days, helped push up the volume to exceed 930,000 square meters, which was pretty good for that month of the year," said Huang Zhijian, chief analyst at Uwin. "However, it remains unknown whether such momentum will extend in the coming months as it just depends on the upcoming supply in the mid- to low-end segment."

Around the city, a housing project in Jiangqiao in the outlying Jiading District became the best seller after 726 units were sold for an average 13,101 yuan per square meter.

In terms of supply, more than 1.15 million square meters of new houses were released to the local market last month, a surge of 82 percent from February, Uwin data showed. It was also the first rebound after four weeks' consecutive decline.

Business Real Estate

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Shanghai new home sales jump 123% in March

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