Shanghai new home sales rise 56%

By Cherry Cao | October 8, 2013, Tuesday |

Online Edition

HOME buying sentiment rose to a six-month high in Shanghai in September amid ample supply, according to market research.

Meanwhile, new homes sold for an average of 24,611 yuan (US$4,021) per square meter in September, a month-on-month increase of 5.4 percent.

Purchases of new residential properties, excluding government-subsidized affordable housing, jumped 56 percent from August to 1.42 million square meters last month, Shanghai Uwin Real Estate Information Services Co said.

"Extremely robust sales registered during the last few days of September helped push up the monthly volume to the highest since April," said Huang Zhijian, chief analyst at Uwin. "Meanwhile, it was also the highest volume for September since 2010."

During the last seven days of September an average of more than 70,000 square meters of new homes were sold in Shanghai. The average surged to over 90,000 square meters per day for the final three days of the month, Uwin said.

The new home supply increased nearly 50 percent from August to more than 1.28 million square meters across the city.

Also, more than 580,000 square meters of new houses were released to the market during the last seven days of September.

Business Real Estate

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Shanghai new home sales rise 56%

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