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New home sales in city increase
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BUYING sentiment for new homes rebounded in Shanghai for the second straight week despite a steadily subdued market, latest data showed.
The sales of new residential properties, excluding government-subsidized affordable housing, rose 5 percent week on week to 173,900 square meters during the seven-day period that ended on Sunday, Shanghai Deovolente Realty Co said in a report yesterday.
The rather mild increase was mainly fueled by comparatively strong demand in the high-end segment, which helped push up the average cost to a nine-week high of 27,800 yuan (US$4,527) per square meter, representing a jump of 11.3 percent from the prior week, according to Deovolente data.
Sales of luxury houses priced at 50,000 yuan per square meter and above, for instance, reached 70 units last week, an increase of 18 from the previous week.
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