Strong sales of luxury homes in Shanghai

By Cherry Cao | August 5, 2015, Wednesday |

Online Edition

SALES of new luxury residential properties, with a price tag of 50,000 yuan (US$8,036) per square meter and above, exceeded 1,300 units in Shanghai for the second straight month amid record supply, a latest market research showed.

Across the city, 1,356 such units were sold in July, a drop of 3 percent from June's 1,398, an all-time high ever registered in the city, Shanghai Deovolente Realty Co said in a report released today.

That, however, compared to 254 units recorded same period a year ago.

The new homes were sold for an average 71,018 yuan per square meter, a month-over-month decline of 0.9 percent and a year-over-year rise of 3.8 percent, Deovolente data showed.

"New supply of luxury houses hit a record last month when 339,000 square meters of such properties were released to the local market, an increase of 129 percent from June and a surge of more than five times from same period a year ago," said Lu Qilin, a researcher at Deovolente. "Purchases stayed above the 1,000-unit threshold for three consecutive months since May with both buyers and real estate developers showing no signs of easing sentiment."

By district, Pudong New Area, Zhabei and Xuhui districts were the most sought-after areas with each of them securing more than 170 purchase deals during the past month.

In the ultra-luxury category, which cost more than 100,000 yuan per square meter, a total of 54 units were sold last month, a decrease of 37 from June. Notably, three villas with a price of more than 100 million yuan were sold in the city, according to Deovolente data

Real Estate

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Strong sales of luxury homes in Shanghai

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