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November to be ‘good’ for new home sales
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The area of new homes in Shanghai continued to rise last week with November seen to be another “good” month, while luxury properties still attracted 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 yesterday.
These new houses were sold for an average 35,086 yuan (US$5,490) per square meter, a weekly rise of 0.5 percent.
While the average price was flat, Tomson Riviera in the Pudong New Area’s Lujiazui, sold one unit last week for 161 million yuan, or 269,200 yuan per square meter. This made it the most expensive apartment in Shanghai by average price. Also last week, another unit at the same project was sold for 150 million yuan, or 251,600 yuan per square meter.
Tomson Riviera is still the city’s most expensive apartment by total price after a duplex there was sold in June for an overall price of 243 million yuan.
“Month to date, new home transactions 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 Qilin, director of research at Shanghai Homelink.
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