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Shanghai’s housing market robust in 2013
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Shanghai’s housing market was extremely robust last year as the average price hit a record and the transaction volume reached a four-year high, latest market data showed.
Over the past year, 12.82 million square meters of new homes were sold across the city, up 36.6 percent year on year, Shanghai Uwin Real Estate Information Services Co said in a latest report. They were sold at an average price of 24,177 yuan (US$3,983) per square meter, an annual growth of 7.6 percent.
“Demand from home buyers who upgraded was very strong in Shanghai over the past 12 months, a sign of recovering confidence in the property market despite tightening measures,” said Jenny Wu, director of residential sales for East China operations at DTZ, a property services firm.
“We expect the strong momentum to extend for another six months while property curbs will remain in place in the first half of 2014 to prevent a rapid price growth.”
Sales of new homes by area and costing above 2 million yuan grew by double digits year on year in 2013, while those priced under 2 million yuan rose by single digit, DTZ said after compiling data released by the city’s real estate trading center.
The city’s land market was also red-hot last year as land sales hit a five-year high by value amid a strong appetite from developers.
Land parcels totaling 8.6 million square meters, excluding those meant for public uses or affordable housing, were sold last year for 206.1 billion yuan, a separate report released by Century 21 China Real Estate showed.
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