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Shanghai's residential property sales up 33% in May

Jun. 5, 2012 (China Knowledge) - Shanghai saw its sales volume of new residential properties reach 6,710 units last month, reflecting a MoM increase of 33% but a YoY decline of 6.4%, according to statistics released by Century 21 China Real Estate.

In May, the city sold 806,000 square meters of new residential properties, up 32% MoM or down 1.4% YoY. Average sales price stood at RMB 22,500 per sq m, 2.5% more than in April.

Last month, Shanghai opened 34 new residential property projects, only six of these were put for sales at lower-than-expected prices, while 13 projects were delayed. The remaining 15 projects were on sales with discounts, said a person familiar with the matter.

In the city's medium and high-end residential property market with prices exceeding RMB 30,000 per sq m, 155,000 sq m of such properties were sold in May, 29.5% more than that of April, sources reported.

Analysts, however, estimate that property sales in Shanghai would shrink gradually in June and July this year.







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