Shanghai boom

Country:  China

17 June 2009

Property sales - both new-build and resale homes - in Shanghai, China, the largest city in the country based on population, are continuing to soar, according to the Shanghai Uwin Real Estate Information Services Co.

Fresh data shows that almost 1.02m sqm of new homes, excluding those designated for relocated residents due to urban redevelopment projects, were sold across the city during the first 15 days of this month, up 12% from the same period in May.

Lu Qilin, a researcher at Uwin, said: “While overall sentiment continued to be strong, demand for high-end homes, priced above 30,000 yuan [£2,700] per square meter, become even more robust."

According to Uwin, 58,100 square meters of high-end homes changed hands in Shanghai at an average price of 44,299 yuan (£3,982) per sqm during the first 15 days of June.

That compared to 57,300 square meters of such homes sold at 40,635 yuan (£3,652) per sqm in the same period a month earlier.

Uwin also confirmed that demand for property in China is also growing among overseas nationals, with 10% of all property sales in the city going to overseas buyers between Aril and May.

Additional research from E-House (China) Holdings Ltd showed transactions of luxury homes with a price tag of more than 40,000 yuan (£3,650) per square meter rose 51% to 107 units during the first 15 days of the month.

The second-hand market also appreciated, with sales up 15% during the same period.

See Also:   China, Shanghai