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High-end properties drive Shanghai house prices to historic high
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14:49, August 20, 2009

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Average price of commercial residential houses in Shanghai reached 19,603 yuan per square meter last week (August 10-16), up 18.5 percent compared with the previous week. This figure is also 12 percent higher than the earlier high level of 17,483 yuan per square meter recorded in June 2008.

Increase in the sale of high-end residential properties is a major factor driving Shanghai's house prices. Pudong Star River, whose average price stands at 49,753 yuan per square meter, sold 170 units last week and ranked first in terms of weekly sales.

Interior view of a luxuous residential house in Shanghai

Statistics from market institutions show that commercial residential housing supply increased 257,300 square meters last week, down 17.6 percent compared with the previous week. Commercial housing transaction volume in Shanghai rose by 10.3 percent week on week, to 385,100 square meters. Demand began to exceed supply.

By People's Daily Online

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