Shanghai's new home market rebounded last week to register double-digit growth in volume and price from a week earlier.
A total of 273,000 square meters of new homes, excluding those built for relocated residents under urban redevelopment plans, were sold across the city during the seven-day period, a weekly increase of 19.2 percent, Shanghai Uwin Real Estate Information Services Co said yesterday.
The average price rose 10.8 percent to 23,421 yuan (US$3,516) per square meter, the fourth time it went above the 23,000 yuan per square meter barrier posted over the past five weeks.
"High prices for new homes usually reflect robust sales of apartments in non-rural areas of the city," said Lu Qilin, a Uwin researcher. "Moreover, what we noticed last week was that prices of new apartments in outlying areas climbed notably and also contributed to a near record weekly price."
New apartments beyond the city's Outer Ring Road were sold for an average 15,860 yuan per square meter last week, a rise of 7.5 percent from the average level over the past 12 months, Uwin statistics showed. A couple of residential projects beyond the Outer Ring Road are now asking for more than 20,000 yuan per square meter.
