SEVEN-DAY transaction of new homes rose to the highest in Shanghai in three months as the market continued to regain its momentum amid ever-fading impact from earlier government tightening measures.
The area of new residential properties sold, excluding government-subsidized affordable housing, surged 20.7 percent from the previous week to 395,400 square meters, extending strength for the third consecutive week, Shanghai Homelink Real Estate Agency Co said in a report released today.
"The city's new housing market recovered notably with outlying districts of Jiading, Songjiang and Minhang registering the most robust sales," said Lu Qilin, a director of research at Homelink. "In contrast, new home supply fell for the second straight week, partly because some developers are holding back their plans to release as the city's red-hot land market is offering them high hopes for ever continuously-rising home prices."
Around the city, some 195,900 square meters of new residential properties were launched to the local market for sale, a week-over-week drop of 21.8 percent.
By price, new homes sold last week cost an average 38,176 yuan (US$5,719) per square meter, a week-over-week increase of 5.8 percent.
Strong sales of medium- to high-end houses contributed to the weekly gain. Half of the 10 best-selling projects cost 30,000 yuan per square meter and above while homes with a price tag of 80,000 yuan per square meter and above rose by 92 units to 246 units last week, mainly fueled by a Shui On Land development in downtown Hongkou District which unloaded 112 units alone last week at an average price of more than 93,000 yuan per square meter, Homelink data showed.
