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Shanghai new home sales boom on policy support
THE latest revision of criteria for "normal" homes in Shanghai helped boost housing transaction last week while robust sales of mid- to high-end homes pushed the average new home price to a 41-week high, latest market data showed.
The purchases of new residential properties, excluding government-subsidized affordable housing, jumped 25.9 percent week on week to 216,100 square meters, Shanghai Deovolente Realty Co said in a report released today.
"New home transaction rebounded notably after the announcement of the new criteria, a latest government move to help more buyers qualify for preferential policies," said Lu Qilin, a researcher at Deovolente. "We expect buyers' sentiment to continue to rise over the coming months and it will help reduce local new housing inventory at a faster rate."
The city's housing authority announced last Thursday that a flat within the Inner Ring Road costing less than 4.5 million yuan (US$735,294) will be defined as normal housing effective on November 20, 2014, compared with the current cap of 3.3 million yuan. Between the Inner and Outer Ring roads, the price cap will be 3.1 million yuan and beyond the Outer Ring Road it will be 2.3 million yuan. That compared with the present threshold of 2 million yuan and 1.6 million yuan, respectively. A normal home enjoys a preferential rate in deed tax.
Average price of new homes, meanwhile, surged 14.5 percent from the previous week to 30,178 yuan per square meter during the seven-day period ended Sunday, the highest in 41 weeks, Deovolente data showed.
About 80,000 square meters of new homes sold last week cost 30,000 yuan per square meter and above, accounting for 37 percent of the city's total transaction during the period. That was a notable increase from 28.3 percent registered a week earlier.
On the supply side, about 113,700 square meters of new houses were released to the local market last week, a week-over-week rise of 3 percent, according to Deovolente data.
Citywide, a residential development in Waigaoqiao, Pudong New Area, became last week's best-selling project after 119 units were sold for an average price of 25,866 yuan per square meter.
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