Shanghai new home sales rise 25%

By Cherry Cao | April 21, 2014, Monday |

Online Edition

BUYING sentiment for new homes rebounded in Shanghai last week while overall momentum among home seekers and real estate developers still remained sluggish, according to a report.

The purchases of new residential properties, excluding government-funded affordable housing, rose 25 percent from the previous week to 183,500 square meters, Shanghai Uwin Real Estate Information Services Co said in a report today. The new homes cost an average 25,822 yuan (US$4,165) per square meter, down 4.85 percent from a week earlier.

That compared to the weekly average of 222,000 square meters purchased in the city over the past 12 months.

"Despite the weekly rebound, slack sentiment continued to prevail in the market with developers also showing some cautiousness in releasing their projects," said Huang Zhijian, chief analyst at Uwin.

Last week, some 172,200 square meters of new houses were released to the market, almost unchanged from a week earlier. That compared to the weekly average of 233,900 square meters recorded in the past year, Uwin data showed.

Citywide, a low-end housing project in Lingang, Pudong New Area, became the top-selling development for the week with 318 units being sold for an average 8,117 yuan per square meter.

As of Sunday, new home transactions totaled 478,100 square meters in April, according to Uwin data.

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Shanghai new home sales rise 25%

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