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New home prices in Shanghai rise to a record

By Cherry Cao | July 13, 2015, Monday | Online Edition

Weekly new home prices in Shanghai rose to a record once again amid extremely robust sales registered in the luxury segment though transaction volume fell notably from a week earlier, latest market data suggest.

The area of new residential properties sold, excluding government-subsidized affordable housing, dropped 40.2 percent last week to 312,500 square meters, Shanghai Deovolente Realty Co said in a report released today. Average cost of these new homes, meanwhile, rose 8.1 percent week-over-week to 36,310 yuan (US$5,836) per square meter, the highest weekly price ever registered in the city.

"Surprisingly excellent performance recorded in the luxury residential sector during the past seven-day period helped break the previous record which was set just a few weeks ago," said Lu Qilin, a researcher at Deovolente. "Moreover, the area of new homes sold exceeded 500,000 square meters in the first 12 days of this month, meaning it's almost for sure that the whole month's total volume will reach 1 million square meters, which is very rare for July, a traditionally sluggish season for property sales."

Eight of the city's 10 best-selling projects cost 35,000 yuan per square meter and above. A development in Beicai, Pudong New Area, became the most sought-after project last week where 222 apartments were sold for an average price of 38,275 yuan per square meter, according to Deovolente data.

Meanwhile, sales outnumbered supply for the third consecutive week. About 203,000 square meters of new houses were released to the local market last week, a decrease of 15.6 percent from the previous seven-day period.

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