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Villa breaks RMB130m mark in flat property market
By Cherry Cao |
July 16, 2012, Monday
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Online Edition
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NEW home sales continued to hover around 200,000 square meters in Shanghai last week with a villa in Pudong New Area fetching a price of more than 130 million yuan (US$20.57 million) – the most expensive price for a single home in the city so far this year.
Purchases of new homes, excluding government-subsidized affordable housing, climbed 5.5 percent from a week earlier to 211,000 square meters during the seven days ended Sunday, Shanghai Deovolente Realty Co said in a report released today.
Among all, an 830-square-meter unit at Emperor Zillah, one of the most costly villa developments in the city, was sold at 135 million yuan, or 163,000 yuan per square meter, according to Deovolente.
"It was the first time this year that a house carrying a tag of more than 100 million yuan was sold," said Lu Qilin, a Deovolente researcher. "Citywide, robust sales of luxury residential properties pushed the city's average home price above 25,000 yuan per square meter last week."
Buyers paid an average 25,421 yuan per square meter for the new homes last week, an increase of 1.8 percent weekly.
Fifty-one new homes costing above 50,000 yuan per square meter were sold during the seven-day period, up from 33 units in the previous week.
Between July 1 and Sunday, new homes totaling 439,000 square meters were sold in Shanghai, a rise of 7.6 percent from same period a month earlier, according to a separate report released today by Century 21 China Real Estate.
"It is obvious that the local housing market has been regaining some strength recently but in general, it is still in the process of destocking," said Huang Hetao, a research manager at Century 21. "The overall transaction volume still fell notably short of previous peaks registered in booming years."
As of yesterday, the city's inventory of new residential properties stood at 9.72 million square meters, a decrease of some 400,000 square meters from the end of May, according to the city's official real estate website www.fangdi.com.cn.
Purchases of new homes, excluding government-subsidized affordable housing, climbed 5.5 percent from a week earlier to 211,000 square meters during the seven days ended Sunday, Shanghai Deovolente Realty Co said in a report released today.
Among all, an 830-square-meter unit at Emperor Zillah, one of the most costly villa developments in the city, was sold at 135 million yuan, or 163,000 yuan per square meter, according to Deovolente.
"It was the first time this year that a house carrying a tag of more than 100 million yuan was sold," said Lu Qilin, a Deovolente researcher. "Citywide, robust sales of luxury residential properties pushed the city's average home price above 25,000 yuan per square meter last week."
Buyers paid an average 25,421 yuan per square meter for the new homes last week, an increase of 1.8 percent weekly.
Fifty-one new homes costing above 50,000 yuan per square meter were sold during the seven-day period, up from 33 units in the previous week.
Between July 1 and Sunday, new homes totaling 439,000 square meters were sold in Shanghai, a rise of 7.6 percent from same period a month earlier, according to a separate report released today by Century 21 China Real Estate.
"It is obvious that the local housing market has been regaining some strength recently but in general, it is still in the process of destocking," said Huang Hetao, a research manager at Century 21. "The overall transaction volume still fell notably short of previous peaks registered in booming years."
As of yesterday, the city's inventory of new residential properties stood at 9.72 million square meters, a decrease of some 400,000 square meters from the end of May, according to the city's official real estate website www.fangdi.com.cn.
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