Last week was a big week for Shanghai’s new home market. According to Shanghai Uwin Real Estate Information Services, new home sales across the city totaled 273,000 square meters during the seven-day period, up 19.2% from the previous week.
Excluded from this figure were those built for relocated residents under urban redevelopment plans.
Not only did sales go up, so did prices. The average price rose 10.8% to RMB23,421 (US$3,516) per square meter.
English People’s Daily Online reported that new apartments beyond the city’s Outer Ring Road were sold for an average RMB15,860 (US$2,384) per square meter, an increase of 7.5% compared to the average over the past 12 months.