New home sales rebounded in Shanghai last week with outlying Qingpu District continuing to be the most popular among the buyers.
The area of new residential properties sold, excluding government-subsidized affordable housing, rose 22.5 percent to around 144,000 square meters in the seven days to Sunday, gaining strength for the first time in three weeks, Shanghai Centaline Property Consultants Co said in its regular Monday report.
Around the city, western Qingpu registered transactions of some 46,000 square meters, a week-over-week surge of 84 percent. Minhang District followed immediately with weekly sales of around 20,000 square meters.
The average cost of a new home climbed 5.1 percent from a week earlier to 55,154 yuan (US$8,002) per square meter, Centaline data showed.
"Notably, two luxury projects made into the top 10 list while the most sought-after development recorded weekly sales of nearly 200 units, indicating relatively strong momentum during the traditional slow season," said Lu Wenxi, Centaline's senior research manager. "For the rest of July, we expect to see some moderate fluctuations in the transaction volume with competition among projects getting further intensified."
In last week's top 10 list by area, six cost more than 50,000 yuan per square meter. A China Vanke development in Qingpu sold 20,899 square meters, or 194 apartments, for an average price of 57,135 yuan per square meter. Two luxury projects both with a price tag of over 110,000 yuan per square meter, one in Huangpu District and the other in Pudong New Area, ranked No.4 and No.10, Centaline data showed.
On the supply side, about 118,000 square meters of new houses, majority of which asking for between 30,000 yuan and 60,000 yuan per square meter, were released into the local market, a week-over-week drop of 62 percent.
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