Sales in Shanghai's new home market rebounded notably last week ahead of the national weeklong Spring Festival holiday that starts on Friday.
The area of new homes sold, excluding government-subsidized affordable housing, jumped 44.1 percent to 141,000 square meters during the seven-day period ended on Sunday, Shanghai Centaline Property Consultants Co said in a report yesterday.
The new houses sold for an average 50,128 yuan (,317) per square meter, a week-on-week gain of 6.4 percent.
"The recovery was quite significant with improved momentum among both real estate developers and home buyers," said Lu Wenxi, senior manager of research at Centaline. "Notably, three best-selling projects sold more than 100 units each while units in three medium to high-end projects in the top-10 list were sold at 60,000 yuan per square meter and above."
A housing project in the city's outlying Baoshan District sold 203 units last week for nearly 61,000 yuan per square meter on average, followed by a development in Xuhui District where 109 apartments were sold for an average 81,333 yuan per square meter, Centaline data showed.
Around 255,000 square meters of new homes in eight projects were released locally last week, the highest seven-day volume since October.