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Weekly sales of new houses climb
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WEEKLY sales of new homes in Shanghai rose nearly 20 percent to above 160,000 square meters for the second time in two months.
The sales of new homes, excluding government-funded affordable housing, jumped 19.8 percent week on week to 168,500 square meters during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said in a report released yesterday.
The average cost of new homes, meanwhile, fell 4.9 percent from the previous week to 24,642 yuan (US$3,958) per square meter.
“Robust transactions registered at projects targeting first-time homebuyers helped boost the overall sentiment in the local market a bit,” said Lu Qilin, a Deovolente researcher. “Correspondingly, they also dragged down the average housing price for the same period.”
Half of the city’s 10 best-selling housing projects cost under 20,000 yuan a square meter, with the most popular development selling 221 units at 15,175 yuan per square meter on average, Deovolente data showed.
The supply of new homes locally surged 63.8 percent weekly to 423,200 square meters. Nearly 85 percent of them, or 358,000 square meters, are located beyond the city’s Outer Ring Road.
Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co, suggested real estate developers start to offer notable discounts to fire up sales.
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