Shanghai Home Prices up 5% Weekly in New Peak
Yicai Global
/SOURCE : Yicai
Shanghai Home Prices up 5% Weekly in New Peak

(Yicai Global) Aug. 29 -- Data released by Homelink Real Estate Brokerage Co., Ltd. indicates that the average price of commercial residential properties in Shanghai reached USD 6,000 (CNY41,259) per square meter last week, up 4.89 percent per week, to reach a new all-time high.

Most property sales were in Jiading, Qingpu and Songjiang districts.

Between Aug. 15 and 21, residential property turnover totaled 287,900 square meters, up 3.88 percent weekly. The total commodity housing supply in Shanghai was 103,600 square meters, down 34.84 percent weekly. The supply and demand ratio slipped to 0.36, with residential properties in short supply now for nine consecutive weeks.

Over the weekend (Aug. 27 and 28), more than 1,000 prospective home buyers formed long lines outside Pudong Real Estate Trading Center -- the largest property trading center in Shanghai -- applying for second-hand housing transfers, amid rumors that Shanghai will raise the down payment proportion for first-time buyers. Many said that they wanted to consummate their transactions now, rather than await the policy change. The upsurge in applicants caused the Shanghai Real Estate Trading Center's network to crash.

The week has seen a spike in property transactions -- 1,056 properties sold on Aug. 27 alone, and 1,247 on Aug. 28 -- in stark contrast to the 911 sales during the entire weekend.

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