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Real estate market warms up again

By Zhao Tingting (chinadaily.com.cn)
Updated: 2010-04-02 13:27

Sales of residential housing in first-tier cities, such as Shanghai and Beijing, rebounded in March, said a Shanghai Securities News report on Friday.

Shanghai sold 800,000 square meters of residential housing in March, surging 150 percent from the previous month. It was the first rebound after three consecutive months of decreases.

The average transaction price of the Shanghai property market stood at 19,767 yuan per square meter, a slight increase of 0.37 percent from February, but 48 percent more than the same period last year.

Sales volume of secondhand housing in Beijing hit 50,342 units in the first quarter of this year, of which 47,017 units were residential housing, according to statistics by Centaline Property. The average transaction price rose 50 percent year-on-year to 14,000 yuan per square meter.

According to Yahao Real Estate, a Beijing-based property brokerage firm, newly built housing projects in Beijing opened with climbing prices in April, averaging 24,644 yuan per square meter, up 102.5 percent year-on-year.