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Shanghai posts record area of new homes sold
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THE area of new homes sold in Shanghai rose to a record last week amid strong sentiment while the average price stayed high even as it fell week on week, latest market data showed.
Around 522,700 square meters of new homes, excluding government-subsidized affordable housing, were sold during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said in a report released yesterday.
“The surprisingly robust sales registered in the last two days of June, or more than 300,000 square meters in total, helped push the seven-day volume to a record high,” said Lu Qilin, a researcher at Deovolente.
Meanwhile, the average cost of new houses declined 3.1 percent week on week to 33,599 yuan (US$5,408) per square meter.
Lu said that medium to high-end homes remained popular with the “average cost of new homes remaining above the threshold of 30,000 yuan per square meter for the 10th consecutive week.”
Six of the city’s 10 best-selling housing projects last week were sold for above 30,000 yuan per square meter on average and none of the remainder cost under 20,000 yuan per square meter, the data showed.
The market also saw 430 new luxury homes costing over 50,000 yuan per square meter sold last week, up 31 from the previous seven-day period, according to the report.
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