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Weekly sales of new homes hit year-high
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WEEKLY sales of new homes in Shanghai rose to the highest level this year amid a continued recovery in supply, the latest market data shows.
The area of new residential properties sold, excluding government-subsidized affordable housing, gained 5.4 percent to 207,000 square meters during the seven days ending Sunday, Shanghai Centaline Property Consultants Co said in a report released yesterday.
“New home sales exceeded the 200,000-square-meter threshold for the first time this year, mainly boosted by abundant new supply released over the past three weeks across all segments,” said Lu Wenxi, senior manager of research at Centaline.
“Hopefully, the strong momentum among both developers and home buyers will extend through August.”
Outer Jiading District, despite a retreat of 36.9 percent from the previous week, maintained its top position with weekly sales of about 41,000 square meters.
Songjiang District and the Pudong New Area followed with transactions reaching 26,000 square meters and 25,000 square meters, respectively.
The average cost of a new home jumped 14.9 percent week over week to 54,477 yuan (US$7,971) per square meter, with medium to high-end properties remaining popular, Centaline said.
A Longfor Property project in Jiading was the most popular development for the second straight week.
It sold 23,334 square meters, or 222 apartments, for an average price of 51,695 yuan per square meter.
A housing development in outlying Fengxian District with an average price tag of 17,570 yuan per square meter followed, with weekly sales of 14,004 square meters, or 160 units.
In the top 10 list, three projects cost more than 80,000 yuan per square meter.
On the supply side, some 302,000 square meters of new houses spanning 11 projects were released onto the local market, a week-over-week surge of 140 percent.
As of Sunday, new home sales in Shanghai in July had already reached about 5,500 units, outperforming the 4,600 units in April which was the best-performing month so far this year, a separate report from the Shanghai Homelink Real Estate Agency Co said.
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