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Buying drive propels sales of new homes
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A strong buying momentum helped sales of new homes in Shanghai to stay above the 300,000-square-meter level for the third straight week.
Sales of new homes, excluding government-subsidized affordable housing, totaled 312,400 square meters during the seven-day period ended Sunday, a weekly drop of 3.9 percent, Shanghai Deovolente Realty Co said in a report released yesterday.
“The housing market maintained its strength for another week despite the drop,” said Lu Qilin, a Deovolente researcher.
“New supply, meanwhile, also surged during the period which could be viewed as further evidence for optimism among real estate developers.”
Last week, 329,300 square meters of new houses were released to the market, a week-on-week surge of 114.7 percent, according to Deovolente data.
The new homes sold last week cost an average 30,585 yuan (US$4,933) per square meter, up 1.2 percent from the previous week.
Half of the city’s 10 best-selling projects last week cost above 30,000 yuan per square meter, indicating robust demand in the medium- to high-end segment.
“So far this month, the city’s new home market seemed pretty good and it is very likely that May will see the figure exceed 1 million square meters,” said Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co.
“The central government’s latest cut in interest rates will certainly be another boost to the housing market.”
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