Shanghai sells fewer 2nd-hand high-end residential properties in Q1
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May 8, 2009 (China Knowledge) - Shanghai saw transaction volume of second-hand, high-end residential properties, those costing above RMB 30,000 per square meter (sq m), hit 52 units in the first quarter of this year, a decline of 35.8% from the prior quarter, according to market sources.
In the first three months, trading volume was 9 units, 13 units and 30 units, respectively.
The average price of the second-hand, high-end residential properties of the city reached RMB 40,000 per sq m in the first quarter, reflecting growth of 7.24% from a quarter earlier. In January, February and March, average trading prices were RMB 41,339, RMB 39,918 and RMB 39,542 per sq m, respectively, representing a gradual increase.
Transactions in Shanghai's five major districts accounted for 47 units or 90.39% of the total second-hand, high-end residential property transactions in Q1. Thirteen units were sold in Pudong, 12 in Luwan, 9 in Jing'an, 7 in Xuhui, and 6 in Changning. Average prices per square meter were RMB 38,955 in Pudong, RMB 46,505 in Luwan, RMB 37,427 in Jing'an, RMB 34,272 in Xuhui, and RMB 33,486 in Changning.
However, a total of 672 new apartments sold for prices exceeding RMB 30,000 per sq m in Shanghai in April alone, an increase of 44% from a month earlier, according to the research by E-House (China) Holdings Ltd.
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