Sales of Pre-Owned Homes Reach Eight-Year Peak in 2013

Published Date : Jan 28, 2014


The sales of pre-owned homes in Shanghai spiked to touch an all time high in the last eight years. This is being attributed to a buoyant sentiment in the luxury homes sector in the year gone by, according to market data over the weekend.

The total number of such homes purchased during 2013 touched 293,000, which amounts to a 58.8% rise as compared to 2012. These figures were made available in a report by the Shanghai Deovolente Realty Co.

According to the report, the total number of homes that fall in the price bracket of 8 million yuan (or USD 1.32 million) were estimated to be 2,119 units. This is a rise of 920 units as compared to the 2012 figures. 

Across the city, nearly 756 units priced over 8 million yuan were reportedly purchased in the Pudong New Area in 2013., whereas around 329 units were sold in the Changning District. Data from Deovolente also showed that nearly 215 housing units were purchased in the Minhang District in 2013. 

According Lu Qilin, a researcher working with Deovolente, the surging figures in the sales of luxury homes across up market districts of China indicate that there is a level of growing optimism among investors and homebuyers. Despite curbs from the government over the past 12 months or so, the market for real estate has rebounded significantly over this period.

Thus, according to Qilin, it comes as no surprise that there should be a growing demand for luxury homes in Shanghai. Most investors purchased these properties as they were appeal by the quality and location of these homes as they made for a safe investment option.

The highest average price was observed in the Huangpu district at 77,007 yuan per square meter in 2013. The data further revealed.