Luxury homes sales more than double in Shanghai

By Cherry Cao | May 6, 2015, Wednesday |

Online Edition

PURCHASES of new luxury homes more than doubled in Shanghai in April amid recovering sentiment as well as abundant supply, latest market data showed.

Sales of new residential properties with a price tag of more than 50,000 yuan (US$8,064) per square meter totaled 823 units across the city last month, a rise of 108 percent from March, Shanghai Deovolente Realty Co said in a research released today. Year-on-year, it represented a surge of 184 percent.

By area, 143,000 square meters of such properties were sold, an increase of 91 percent from March and a gain of 152 percent from April 2014.

"It was the second highest monthly sales ever registered in Shanghai, only after December 2014, when 880 new luxury homes were sold," said Lu Qilin, a Deovolente researcher. "A generally improving momentum in the market, coupled with abundant new supply in the luxury sector, jointly boosted sales."

Last month, a total of 163,000 square meters of new luxury homes were launched onto the market, an increase of 146 percent from March and a surge of 220 percent from same period a year ago, according to Deovolente data.

Citywide, 9,470 square meters of new homes costing 100,000 yuan per square meter and above were sold last month, among which a stand-alone villa in Zhangjiang of Pudong New Area fetched the highest price in terms of both average price and total price.

The 873-square-meter house was sold for 130 million yuan, or 155,000 yuan per square meter on average, making it the most costly new residential unit sold in Shanghai so far this year.

Around the city, a housing development in Zhabei District was the most sought-after project after selling 229 units for an average price of 68,760 yuan per square meter.

Real Estate

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Luxury homes sales more than double in Shanghai

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