October set to be best-performer in Shanghai new home sales

By Cherry Cao | October 27, 2014, Monday |

Online Edition

BUYING sentiment for new residential properties remained robust for another week despite an insignificant retreat, putting October well on track toward the best-performing month year to date, latest market data suggest.

The purchases of new homes, excluding government-subsidized affordable housing, fell 4.2 percent week over week to 267,800 square meters during the seven-day period ended Sunday, staying above the 200,000-square-meter threshold for the third consecutive week, Shanghai Uwin Real Estate Information Services Co said in a report released today.

"Strong sales registered over the past three weeks provided a solid ground for a robust October, which is a traditional high season for property sales," said Huang Zhijian, chief analyst at Uwin. "It is possible that transaction volume may exceed 1 million this month."

By Sunday, new home sales in Shanghai totaled 830,600 square meters, Uwin data showed. That compared to March's 864,100 square meters, which was the highest monthly figure recorded between January and September.

Average cost of the new homes, meanwhile, fell 6.5 percent week over week to 26,522 yuan (US$4,334) per square meter.

Medium- to low-end projects remained best-selling developments last week with one project in Zhoukang, Nanhui area, catching most attention from home seekers. With an average price of 18,272 yuan per square meter, the project unloaded 103 units last week, the most amongst all.

Real Estate

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October set to be best-performer in Shanghai new home sales

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