Daily News and Transactions across Greater China from Knight Frank
New home purchases drop 8.9% in Shanghai
Jun 13, 2012
Sales of new homes in Shanghai, excluding government subsidised affordable housing, dropped 8.9% last week to 195,300 sq m, according to a property agent, failing to extend a two-week rally. New home sales totaled 277,000 sq m in Shanghai during the first 10 days of this month, an increase of 12.9% from the same period a month earlier.
A notable drop in the high-end segment dragged the average price down from a week earlier. New houses were sold at an average RMB22,529 per sq m last week, a weekly decline of 7.6%.
Twenty-four new residential properties with a price tag of more than RMB50,000 a sq m were sold last week across the city, a week-on-week drop of 54%. During the same period, sales of villa developments stood at 80 units, a plunge of 66% from the previous seven-day period.
Knight Frank Greater China Property Market News Summary