Buying of pre-owned homes soars

BUYING sentiment for pre-owned homes in Shanghai helped boost sales in November as a "wait-and-see" attitude among buyers receded across the city, according to latest market data.

The sales of pre-owned homes jumped to 19,744 units last month, an increase of 21.6 percent from a month earlier and a surge of more than 200 percent from a year ago, Shanghai Deovolente Realty Co said yesterday.

"Like the new home market, the city's existing residential market also registered robust sales over the past month, with almost all districts recording double-digit growth by transaction area," said Liu Wuyang, director of sales and marketing at Deovolente.

"We expect the strong momentum to carry on through the year-end as more home seekers, who sat on the sidelines, finally decided to buy amid improving property sales, particularly in the new home market," Liu added.

The pre-owned houses were sold for an average 17,410 yuan (US$2,796) per square meter last month, an increase of 4.2 percent from October, as people bought more centrally-located houses, according to Deovolente.

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