SHANGHAI'S residential market rose last week, riding on strong demand from end-users, while the average price fell slightly amid robust sales of mid to low-end homes.
The purchases of new homes, excluding government-funded affordable housing, jumped 17.3 percent week on week to 264,200 square meters during the seven-day period ended on Sunday.
The average price fell 3.3 percent to 20,677 yuan (US$3,282) per square meter, Shanghai Deovolente Realty Co said yesterday in a report.
"Buying sentiment proved to be strong in the first 13 days of this month with sales totaling 431,900 square meters, more than tripled from the same period last year and also the highest in five years," said Lu Qilin, a Deovolente researcher. "January may see a record monthly volume since 2011 if the current momentum extends."
Homes in six of the city's top 10 best-selling projects last week were priced below 20,000 yuan per square meter each while units in the most costly development cost under 29,000 yuan per square meter each, Deovolente data showed.
A development in the city's outlying Jinshan District - with homes costing 9,527 yuan per square meter each on average - led sales citywide with more than 200 units sold.
About 159,000 square meters of new homes were released in the city last week, up from 28,900 square meters in the previous week.
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