Shanghai to see more new homes sales

By Cherry Cao | July 27, 2015, Monday |

Online Edition

SHANGHAI will very likely see new homes totaling 1.3 million square meters to be sold across the city by the end of this month amid continuously robust sentiment among buyers, latest market data suggest.

Excluding government-funded affordable housing, the area of new residential properties sold around the city rose 4.5 percent week over week to 288,500 square meters during the seven-day period ended Sunday, Shanghai Deovolente Realty Co said in a report released today. Average price of new houses, meanwhile, climbed 5.4 percent from the previous week to 35,059 yuan (US$5,635) per square meter.

"As of Sunday, about 1.09 million square meters of new homes had been sold so far this month, indicating extremely strong momentum in the market which usually registers sluggish transaction during this time of the year mainly because of the hot weather," said Lu Qilin, a researcher at Deovolente. "Luxury properties were highly sought after as average cost of new houses rebounded above the 35,000-yuan-per-square-meter threshold again."

Across the city, sales of new residential properties carrying a price tag of 50,000 yuan a square meter and above reached 263 units last week, an increase of 27 from the previous seven-day period, Deovolente data showed.

Notably, a luxury development in Longhua area, downtown Xuhui District, was the most popular project last week after selling 7,236 square meters of properties, or 40 units, for an average price of 73,463 yuan per square meter.

Business Real Estate

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Shanghai to see more new homes sales

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