ROBUST sales of luxury properties lifted the average cost of a new home to a record in Shanghai property market last week, data showed.
New homes, excluding government-subsidized affordable housing, sold for an average 53,971 yuan (US$7,830) per square meter during the seven-day period ended on Sunday, a week-
on-week rise of 17.1 percent, Shanghai Centaline Property Consultants Co said in a report released yesterday.
“For the first time, the weekly average price of new houses exceeded the 50,000 yuan per square meter threshold,” said Lu Wenxi, senior manager of research at Centaline. “Two
of the three most popular projects cost more than 100,000 yuan per square meter and that was indeed very rare.”
A luxury residential development in Changning District sold 32 units, mainly flats of over 400 square meters, for an average price of 104,953 yuan per square meter. Another
apartment project along the Huangpu River in Lujiazui in the Pudong New Area, sold 22 units for an average 124,278 yuan per square meter, Centaline data showed.
The area of new homes sold across the city jumped 26.8 percent from the previous week to around 130,000 square meters, led by Songjiang District, the Pudong New Area and
Changning District.
--source from Shanghai Daily
