Weekly Shanghai home-buying momentum rises

By Cherry Cao | March 3, 2014, Monday |

Online Edition

HOME buying sentiment continued to rebound in Shanghai last week with robust demand for mid to high-end properties.

Purchases of new residential properties, excluding government-subsidized affordable housing, rose 13.5 percent week on week to 179,200 square meters during the seven-day period ended on Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released today.

"While new home sales gained some strength for another week, the overall sentiment still remained slack as compared to the 236,700-square-meter weekly average registered in the city over the past 12 months," said Huang Zhijian, chief analyst at Uwin. "Notably as well, mid to high-end developments seemed very popular with four of the 10 best-selling projects falling into that category."

Across the city, new homes sold last week cost an average of 27,857 yuan (US$4,544) per square meter, a week-on-week rise of 15.5 percent.

Among the 10 best sellers, a Greentown project in Waigaoqiao, the Pudong New Area, sold 114 units last week for an average price of 43,900 yuan a square meter. Poly Real Estate, meanwhile, unloaded 18 units at one of its projects in Longhua, Xuhui District, for an average price of 75,994 yuan per square meter, Uwin data showed.

On the supply side, more than 280,000 square meters of new houses were released to the market, a weekly rise of 10.8 percent.

Business Real Estate

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Weekly Shanghai home-buying momentum rises

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