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2011-10-18 15:07 ChineseTime


THE average price of new homes in Shanghai soared last week to the highest so far this year on strong sales of a high-end development in Pudong New Area, but the transaction volume fell to the lowest in four weeks as sentiment among buyers of mainstream projects remained weak.

The average price of new homes, excluding affordable housing, rose 12.5 percent from a week earlier to 24,852 yuan (US$3,884) per square meter between September 5 and Sunday, a weekly record in 2011, according to a research released yesterday by Shanghai Deovolente Realty Co. During the same week, 111,500 square meters of new residential properties were sold in the city, a weekly decline of 27.2 percent.

"Yanlord Sunland Gardens in Waigaoqiao, the city's best-selling project, saw robust sales last week when 72 apartments were traded for an average 45,305 yuan per square meter, and helped drive the weekly average price to a record," said Lu Qilin, a researcher at Deovolente.

Lu noted that developers are entering the market going by the increase in new home supply for two consecutive weeks.

The supply of new homes climbed 16.6 percent to 241,600 square meters in Shanghai last week, Deovolente data showed.

The Bound of Bund, a luxury development by China Resources Land Ltd, released nearly 100 units in the city last week, with an asking price of 197,000 yuan per square meter.

On the first 11 days of September, the total area of new houses sold in the city plunged more than 52 percent year on year to 191,700 square meters, data released yesterday by Shanghai Uwin Real Estate Information Services Co showed.


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