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Sentiment of housing buyers lifts Shanghai home sales

2014-09-30 08:47 Shanghai Daily Web Editor: Qin Dexing

Sentiment among home buyers in Shanghai improved again for the third week in a row while the average home price shot to the highest in 16 weeks on robust sales of mid- to high-end projects, latest market data showed.

The sales of new homes, excluding government-subsidized affordable housing, rose 19.6 percent week on week to 208,100 square meters, Shanghai Deovolente Realty Co said in a report released yesterday.

The average cost of new homes gained 5.9 percent from the previous seven-day period to 29,429 yuan (US$4,782) per square meter, Deovolente data showed.

"The momentum among both home seekers and real estate developers rebounded last week as September, the traditional high season for property sales, was approaching its end," said Lu Qilin, a Deovolente researcher.

"The abundant supply of high-end properties since the second half of August finally resulted in concrete sales."

Meanwhile, 103 luxury homes costing more than 50,000 yuan per square meter each were sold during the seven-day period ended on Sunday, a weekly jump of 33, according to Deovolente.

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