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Guangzhou's residential property sales up 53.29% in May

Jun. 5, 2012 (China Knowledge) - Guangzhou, capital of Guangdong Province, saw sales volume of new residential properties reach 8,788 units last month, reflecting a MoM increase of 53.9% or 3,055 units, according to statistics from a Chinese property research institute.

The sales volume for May was a monthly record in the past 19 months, said a person familiar with the matter.

Average sales price of new residential properties was RMB 12,031 per square meter in Guangzhou last month, up 4.2% or RMB 485 per sq m from a month earlier.

In the city's Zengcheng District, 1,905 new residential properties were sold in May with average price of RMB 7,127 per sq m, while sales volume was 1,700 units in Fanyu District with average price of RMB 13,928 per sq m and 1,521 units in Huadu District with average price of RMB 7,563 per sq m.

Analysts said Guangzhou put 6,408 new apartments for sales last month, reflecting a MoM jump of 102.46%.

Sources reported that the city intends to start construction on five subway lines this year, which is expected to make transportation more convenient related to nearly 90 new property projects.

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