Average cost of new homes up

THE average cost of new homes continued to rise in Shanghai last week amid a robust sentiment in the luxury segment, latest market data showed.

New homes, excluding government-funded affordable housing, were sold for a record 35,505 yuan (US$5,719) per square meter on average during the seven-day period ended on Sunday, up 4.7 percent week on week, Shanghai Deovolente Realty Co said in a report released yesterday.

But the area of new homes sold fell 1.1 percent to 246,700 square meters.

“Inadequate supply of new houses over the past few weeks, unfavorable weather conditions as well as the recent plunge of the country’s stock market all damped home seekers’ momentum, with weekly transactions hovering around 250,000 square meters for the third consecutive week,” said Lu Qilin, a researcher at Deovolente.

“However, the luxury segment continued to outperform the mass market which led to another weekly price record.”

Tomson Riviera, the city’s most costly apartment project located in Lujiazui, the Pudong New Area, sold a 1,207-square-meter duplex last week for 243 million yuan, breaking the previous price record for a single apartment in Shanghai. In April, an apartment at the same project sold for 228 million yuan, Deovolente data showed.apartment for rent in beijing

A separate report yesterday by Shanghai Uwin Real Estate Information Services Co showed the area of new homes sold for an average of over 60,000 yuan per square meter rose 11.1 percent last week from the previous week.