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July 6, 2016

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Home » Business » Real Estate

Robust sentiment fuels housing market

By Cherry Cao | July 6, 2016, Wednesday | Print Edition

SALES of pre-owned homes rebounded in Shanghai last month while the average cost also rose, fueled by a red hot land market.

Around 25,200 units of pre-owned houses were sold in June, a month-on-month surge of 28.4 percent, Shanghai Homelink Real Estate Agency Co said in a report yesterday.

These homes were sold for an average 28,100 yuan (US$4,217) per square meter, up 2.2 percent from May and a monthly record for Shanghai.

“Sentiment among home buyers recovered for the second consecutive month in both the new and existing housing markets as the impact from the latest batch of tightening measures started to fade,” said Lu Qilin, director of research at Homelink.

“A booming land market particularly since May has also boosted the confidence of sellers and buyers.”

Land sales exceeded 50 billion yuan in Shanghai in the first six months, with half of the plots fetching above twice their reserve price, an earlier Homelink report showed.

Two-thirds of the 30 plots sold in the January-June period were meant for purely housing, and the average premium for these 20 parcels was 158.2 percent. The average premium for land plots for office and commercial uses was 17.9 percent in the same period, suggesting developers are upbeat.

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