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Shanghai's new home sales hit highest level in 10 months in Mar

Apr. 5, 2012 (China Knowledge) - The sales area of new homes, excluding government-supported affordable housing, almost doubled to 799,000 square meters in March this year, reflecting the highest level in ten months, according to data from

The city's average price of new homes rose 11.7% month on month to RMB 22,138 per square meters last month, driven by rebounds in sales of mid- and high-end developments.

Sales of luxury properties, which are sold at prices of more than RMB 50,000 per sq m, surged to 50,000 square meters last month from 13,000 square meters in February.

Last month, many major Chinese cities saw increases in property sales area. The capital city Beijing saw a 73.84% month-on-month increase in sales area and Shenzhen City of Guangdong Province recorded a 76.20% growth. The sales area of Guangzhou swelled 58.76% from February.

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