Date
12 December 2017

Shanghai new home purchase area up 45% last week, paper says

Purchases of new homes, excluding government-subsidized affordable housing, in Shanghai surged 45.1 percent to 288,500 square meters last week, the highest seven-day volume registered in the city since mid-November, Shanghai Daily reported, citing the Shanghai Uwin Real Estate Information Services Co. “Robust demand from budget-conscious first-time buyers boosted sales in the mid- to low-end sector which also helped explain a week-on-week drop in the average price,” Huang Zhijian, chief analyst at Uwin, was quoted as saying. The average cost of a new home dropped nearly 8 percent from a week earlier to 23,104 yuan (US$3,716) per square meter, or a 33-week low since mid-August, Uwin data showed. 

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