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Sales of pre-owned luxury houses lose momentum in Shanghai, but prices still high
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SALES of previously owned luxury homes fell in August in Shanghai amid an overall subdued sentiment while the average cost rebounded to an eight-month high, a latest industry report showed.
The purchases of existing homes with a price tag of 8 million yuan (US$1.29 million) and above totaled 126 units in the city last month, compared to 134 units registered in July, Shanghai Deovolente Realty Co said today.
That was the third lowest monthly volume recorded in the first eight months of this year. In February, 83 such units were sold while in June, the figure stood at 121, according to Deovolente data.
These previously owned homes were sold for an average 51,000 yuan per square meter, an increase of 9.7 percent from July and the highest monthly average price since January.
"Buying momentum in the luxury sector has also eased since the beginning of this year when the overall housing market entered a correction period," said Lu Qilin, a Deovolente researcher. "An obviously slower pace of price gains compared to the past few years has damped interests of some potential buyers, particularly those who see it as an investment."
Among the 126 houses sold last month, about 30 percent were villa developments. By price, 13 cost more than 100,000 yuan per square meter.
Lujiazui, Central Xuhui, Middle Huaihai Road, Hongqiao and Lianyang areas were the most popular places for luxury home buyers, according to Deovolente data.
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