Another strong week for new home market

By Cherry Cao | November 23, 2015, Monday |

Online Edition

STRENGTH extended for another week in Shanghai's new home market with luxury properties continuing to attract buyers, latest industry data showed.

The area of new homes sold, excluding government-funded affordable housing, climbed 5.3 percent from the previous week to 342,000 square meters, Shanghai Homelink Real Estate Agency Co said in a report released today.

These new houses were sold for an average 35,086 yuan (US$5,483) per square meter, a week-over-week rise of 0.5 percent.

While average price remained almost unchanged, Tomson Riviera in Little Lujiazui, Pudong New Area, sold one unit last week for 161 million yuan, or 269,200 yuan per square meter, making it the most expensive apartment in Shanghai in terms of average price. Also last week, another unit at the same project was sold for 150 million yuan, or 251,600 yuan per square meter.

Notably, Tomson Riviera still keeps the title for the city's most expensive apartment in terms of total price. A duplex there was sold in June this year for an overall price of 243 million yuan.

"Month to date, new home transaction in Shanghai already exceeded 1 million square meters, meaning that November is going to be another 'good' month though the year-end period is usually not a high season for property sales," said Lu Qlin, director of research at Shanghai Homelink.

Real Estate

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Another strong week for new home market

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