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Shanghai’s housing market thrives
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Sales of new homes in Shanghai surged 20 percent by area last week on continued strong buying sentiment while extremely robust sales of luxury homes pushed the average cost to a record high, according to latest market data.
The area of new homes sold, excluding government-subsidized affordable housing, jumped 20.1 percent to 405,700 square meters last week, lifted by buying sentiment for a third straight week, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
These new homes were sold for an average 36,911 yuan (US$5,810) per square meter, a week-on-week gain of 15 percent.
“Strength extended for another week in Shanghai’s new home market with luxury projects registering an extremely good performance,” said Lu Qilin, director of research at Shanghai Homelink.
“So far this month, sales by area already exceeded 1 million square meters, which indicated a quite satisfactory volume for October, a traditionally high season for property sales.”
Across the city, 593 units of luxury homes priced at 50,000 yuan per square meter and above were sold last week, up 251 units from the previous week, Homelink data showed.
A Shui On Land project in Hongkou District sold 195 apartments for an average price of 69,317 yuan per square meter, making it the best selling development of the week. Next was a project in Longhua, Xuhui District, where 91 units were sold during the same period for an average 75,063 yuan per square meter.
But supply of new houses locally fell 59.6 percent week on week to around 254,800 square meters in nine projects including one villa development.
As of Sunday, 1.07 million square meters of new homes were sold in the city this month, down 0.4 percent from the same period in September. The new homes averaged 33,287 yuan per square meter, a monthly rise of 10.1 percent, said a separate report released yesterday by Shanghai Centaline Property Consultants Ltd.
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