Sales of new homes by floor area in Shanghai in the seven days through Sunday rose 32 percent week on week to 241,000 square meters, said a study released yesterday.
The total, which excluded government-subsidized housing, was the first above 200,000 square meters for three weeks, Shanghai Centaline Property Consultants Ltd said.
"On one hand, the abundant supply of new homes over the past few weeks helped fuel buyers' momentum while on the other, the recent land buying frenzy served as a strong stimulus," said Lu Wenxi, a research manager at Shanghai Centaline, adding that he expects demand to remain high until the end of the month.
The mean selling price in the period fell 4.8 percent from the previous week to 34,493 yuan ($5,260) per square meter, the company said.
According to a separate report by Shanghai Homelink Real Estate Agency Co, two projects in Nanqiao, Fengxian District, occupied the first and fourth spots on the best-seller list for the week, with sales of 165 and 61 units, respectively.
On May 11, a developer from Fujian Province acquired a residential parcel in Nanqiao for an average gross floor area price of 22,625 yuan per square meter, representing a premium of 126 percent from the asking price.
The supply of new homes in the period fell 22 percent week on week to 206,000 square meters, according to the Centaline report.
