[photopress:Baoshan_Shanghai.jpg,full,alignright]Like Lazarus with a triple bypass the housing market in Shanghai and neighboring cities is quietly enjoying a revival.
Latest statistics show that trading on the Shanghai housing market in May hit highs for the last two years. Note that this is after both the central and local governments introduced new policies in a bid to bring down the ever-galloping property prices.
Trading volumes in the first and second weeks of May were the highest since 2005. Then a record third week which zipped past 700,000 square meters. Followed by a fourth week which broke the record yet again at 808,100 square meters.
Total housing sales in Shanghai reached 2.66 million square meters and 21,848 flats in May, up 34% and 31% respectively over the previous month. And June is beginning to look good.
Most apartments sold in May were in the RMB700,000-800,000 category — meaning they’re either secondary housing or new apartments in the outlying areas of Shanghai.
Long queues of buyers outside some new housing projects, including some in the relatively remote Baoshan District, shown in our illustration, clearly represent revived enthusiasm.