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Shanghai new homes sales soar to 76-week high
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SALES of new homes soared to a 76-week high in Shanghai as momentum continued to pick up among buyers, latest market data showed.
Purchases of new residential properties, excluding government-funded affordable housing, jumped 31.7 percent to 374,500 square meters during the seven-day period ended Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released today.
"A couple of reasons, including the end-of-the-month factor as well as the loosened mortgage policies announced on March 30 by the central government, contributed to last week's surge, which was the highest seven-day volume registered since November 11, 2013," said Huang Zhijian, chief analyst at Uwin. "For the whole month, we expect the transaction volume to hit around 1.15 million square meters which could be a pretty good start for the second quarter."
The end-of-the-month factor refers to a phenomenon which is frequently seen at the end of every month when property transaction will usually increase notably as developers are geared to boost sales for better-looking monthly figures.
As of Sunday, new home sales in April totaled 999,200 square meters in Shanghai, according to Uwin data.
Average price of these new homes, meanwhile, rose 6.2 percent week-over-week to 28,951 yuan (US$4,670) per square meter, as a luxury housing project which launched sales recently received good responses from the market.
The development in Zhabei District managed to sell 134 units during the seven-day period for an average price of 69,092 yuan per square meter, thus making it the second best-selling project in the city last week.
On the supply side, 230,200 square meters of new houses were released to the local market, a weekly drop of 35.1 percent, Uwin data showed.
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