Sales of new homes exceeded the 200,000 square meters in Shanghai last week, boosted by improved momentum toward the end of the month, the latest market figures show.
The area of new residential properties sold, excluding government-subsidized affordable housing, rose 18 percent to around 207,000 square meters during the seven-day period ending Sunday, Shanghai Centaline Property Consultants Co said in their regular Monday report.
"Ample new supply released in previous weeks coupled with a month-end effect helped fuel last week's sales," said Lu Wenxi, Centaline's senior research manager. "However, the rally is not expected to extend as the May Day holiday is approaching."
Remote districts of Qingpu, Jiading and Songjiang outperformed others with weekly volume in the three districts all exceeding 25,000 square meters.
Citywide, new homes sold for an average of 54,848 yuan (US$8,138) per square meter, a week-on-week increase of 2.9 percent.
In the top 10 list in terms of transaction area, seven projects sold for more than 50,000 yuan per square meter with two of them commanding more than 100,000 yuan per square meter.
A project in Jiading remained the most sought-after after selling 11,475 square meters, or 122 units, of new homes at an average price of 29,308 yuan per square meter. It was immediately followed by a project in Baoshan District, which unloaded 9,110 square meters, or 79 apartments, at an average of 58,293 yuan per square meter. Two luxury projects, both in Pudong New Area and asking for more than 110,000 yuan and 130,000 yuan per square meter, unloaded 20 and 15 units, respectively.
On the supply side, only some 58,000 square meters of new housing spanning three projects were released into the market last week, a notable 72.8 percent retreat from a week earlier, according to Centaline data.
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