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July 14, 2015

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Home » Business » Real Estate

New home prices surge to record high again

By Cherry Cao | July 14, 2015, Tuesday | Print Edition

NEW home prices in Shanghai rose to a record again amid extremely robust sales of luxury houses although overall transactions fell notably from a week earlier, according to latest market data.

The area of new homes sold, excluding government-subsidized affordable housing, plunged 40.2 percent last week to 312,500 square meters, Shanghai Deovolente Realty Co said in a report yesterday. Meanwhile, the average cost of the new homes rose 8.1 percent week on week to 36,310 yuan (US$5,848) per square meter, the highest weekly price the city has seen.

“A 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 sure 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 in the Pudong New Area became the most sought-after project last week when 222 apartments were sold at an average 38,275 yuan per square meter, according to Deovolente data.

Meanwhile, sales outnumbered supply for the third consecutive week.

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