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Luxury sales prop up house prices as sentiment slumps

(Shanghai Daily)

18:26, December 12, 2011

THE average cost of new homes rose to a three-month high in Shanghai last week amid improved sales of luxury houses, while local buyers again showed weaker overall sentiment.

New houses, excluding government-funded affordable homes, were sold for an average 24,044 yuan (US$3,792) per square meter across the city during the seven-day period that ended Sunday, a surge of 23.6 percent from the previous week, according to a report released today by Shanghai Deovolente Realty Co.

New home sales, however, dived 37.1 percent to 100,100 square meters, Deovolente data showed.

"Comparatively stronger sales of luxury houses helped drive the average price above the 24,000-yuan-per-square-meter threshold again with properties along the Huangpu River being extremely popular among buyers," said Lu Qilin, a researcher at Deovolente.

"As for the mass market homes, buyers' overall momentum still remained sluggish and won't likely be triggered unless notable discounts could be offered by developers."

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