Home buying sentiment rose again in the last week of May as sales in the medium- to high-end segments were robust, latest data revealed yesterday.

The area of new homes sold, excluding government-subsidized affordable housing, jumped 23.8 percent to 299,000 square meters during the seven days ended Sunday as buying sentiment strengthened for the third consecutive week, Shanghai Centaline Property Consultants Co said in a report released yesterday.

The new homes were sold at an average of 35,699 yuan (US$5,414) per square meter, a weekly gain of 3.5 percent.

“While housing projects in outlying areas targeting cash-tight first-time buyers remained the most sought-after type, residential developments catering to the needs of home upgraders — those priced around 40,000 yuan and 50,000 yuan per square meter — seemed very popular as well,” said Lu Wenxi, senior research manager at Centaline Property. “Buying momentum will probably stay strong over the coming weeks as the city’s land market remain red hot.”

There were 336 new homes sold at 50,000 yuan per square meter and above citywide last week, up 34.4 percent from the previous seven-day period, Centaline data showed.

Units in three of the city’s 10 best-selling projects cost over 40,000 yuan per square meter with one development in Maqiao, Minhang District, being the most popular after 69 units were sold at an average 43,232 yuan per square meter.

(Source: ShanghaiDaily  Author: Cherry Cao)