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Robust sentiment to boost home sales
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SHANGHAI will very likely see new homes, totaling 1.3 million square meters, to be sold across the city by the end of this month amid robust sentiment among buyers, the latest market data suggested.
Excluding government-funded affordable housing, the area of new residential properties sold around the city rose 4.5 percent week on week to 288,500 square meters during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said yesterday. Average price of new houses, meanwhile, climbed 5.4 percent from the previous week to 35,059 yuan (US$5,645) per square meter.
“As of Sunday, about 1.09 million square meters of new homes had been sold this month, indicating extremely strong momentum in the market which usually registers sluggish transaction this time of the year because of the hot weather,” said researcher Lu Qilin. “Luxury properties were highly sought after as average cost of new houses rebounded above the 35,000 yuan per square meter threshold again.”
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