Buying demand for high-end homes remains strong in May | Shanghai Daily

Related News

Home » Business » Real Estate

Buying demand for high-end homes remains strong in May

THE luxury home market in Shanghai continued to see strong buying momentum in May as the volume of transactions remained high while the average price rose further.

A total of 125,400 square meters of high-end residential properties, which include apartments and villas selling at more than 30,000 yuan (US$4,392) per square meter, were sold across the city in May, almost doubling from the same period a year ago, Shanghai Uwin Real Estate Information Services Co said yesterday.

"The May volume, though slightly down from April's 128,100 square meters, was still very substantial and indicated a continuous rebound of the local housing market," said Lu Qilin, a researcher at Uwin. "The high-end housing sector will likely maintain its strength during the second half of the year amid an expected recovery of the overall economy."

Among the city's top 10 projects that posted the highest transaction volume, six were apartment developments led by Yanlord Town in Pudong New Area, which sold a total of 107 units last month at an average price of 36,817 yuan per square meter, Uwin research found.

In the villa market, which usually refers to stand-alone villas, semi-detached houses and townhouses, transactions soared 32 percent in May from April, data released by E-House (China) Holdings Ltd showed.

Specifically, the volume of luxury villas selling at more than 40,000 yuan per square meter doubled from a month earlier while economy homes selling at between 7,000 yuan and 13,000 yuan per square meter rose 55 percent, E-House research found.

Separately, robust demand from buyers over the past week continued in the city's overall housing market.

About 513,000 square meters of new homes, excluding those built for relocated residents under urban redevelopment plans, changed hands between June 1 and June 7, an increase of 21 percent from a week earlier, according to Uwin statistics.




 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend