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Shanghai’s housing prices rebound last week due to luxury properties

AVERAGE cost of new homes hit a record in Shanghai last week amid robust sales of luxury properties, latest market data showed.

New residential properties, excluding government-subsidized affordable housing, sold for an average 53,971 yuan (US$7,810) per square meter during the seven-day period ended on Sunday, a week-over-week increase of 17.1 percent, Shanghai Centaline Property Consultants Co said in a report released today.

"For the first time, the weekly average price of new houses exceeded the 50,000-yuan-per-square-meter threshold," said Lu Wenxi, senior manager of research at Centaline. "Two of the three most popular projects cost more than 100,000 yuan per square meter and that was indeed very rare."

A luxury residential development in western Changning District became the most sought-after one after selling 32 units, mainly flats with a size of more than 400 square meters, for an average price of 104,953 yuan per square meter. Another apartment project along the Huangpu River in Lujiazui, Pudong New Area, sold 22 units for an average price of 124,278 yuan per square meter, ranking the third in the Top 10 list, Centaline data showed.

Strong sales of luxury projects partly fueled a rebound in transaction volume.

The area of new homes sold across the city jumped 26.8 percent from the previous week to around 130,000 square meters, led by Songjiang District, Pudong New Area and Changning District.

The double-digit growth in sales, however, didn't necessarily signify a meaningful recovery as not a single unit of new house was released last week to the local market.

Over the past four weeks, only a little over 30,000 square meters of new residential properties had been launched to the market, with two weeks registering zero supply.


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