Sentiment among new home buyers continued to rebound in Shanghai last week amid improved supply, the latest weekly market data showed.
The area of new residential properties sold, excluding government-subsidized affordable housing, rose 53.1 percent to around 122,000 square meters during the seven days to Sunday, Shanghai Centaline Property Consultants Co said in their report released yesterday.
“Jiading District, as well as the Pudong New Area, remained the city’s two best-performing areas with weekly sales volume hitting 34,000 square meters and 21,000 square meters, respectively, during the seven-day session,” Lu Wenxi, Centaline’s senior research manager said. “As momentum among real estate developers also picked up steadily, the market would likely register ever-growing transaction in the upcoming weeks.”
Citywide, new homes sold for an average 57,779 yuan (US$8,643) per square meter, a week-over-week decrease of 8.3 percent, according to Centaline data.
Of the 10 bestselling projects, five cost less than an average 60,000 yuan per square meter, including the top two sellers.
Outperforming all was a development in Jiading which sold 16,809 square meters, or 136 units, for an average price of 40,832 yuan per square meter.
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